I just downloaded it and tried it. I'm impressed. It works suprisingly well. Here is how I would describe it: It takes the same Flickr that you view through your internet browser on your computer and views it in the same format/method that you scroll through your "photos" on your iPhone. You can still search. It's not just the Flickr database though. Google images and many more.
On the current version, you can click the "i" and it will allow you to directly email the image, just like when you email your own photos.
For a PC, I would prefer to continue to just use the regular Flickr and Google Images websites, but for the iPhone, I like this App!