I've been happy with it in that it's a lot better than trying to go to the actual site, whether it's the mobile version or the full one. That being said, I agree they didn't put much into it. There's so many annoying little details it's missing, like for instance when someone comments on my status I have to then scroll down my wall until I find when I posted my status to read and reply to their reply, because when I click on the notice under notifications it just takes me to their profile. Wth?
Fortunately it's currently at version 2.2, meaning they haven't just put it up and ignored it. They're just taking their sweet time.