I've been using for a while now on my N95 and I kinda like the concept, especially being able to access Flash but after a while I remember why I design and develop specifically for the mobile environment. The usability is a problem as is the system drain.
That was my view on it, though I also find URL entry via a numeric keypad on the N95 annoying to impossible, so usually I don't bother.
It's a niche tool not a solution. The idea of a 'desktop experience' on mobile is 21st Century snake oil. Even the iPhone is not a desktop experience, still lots of scrolling, lots of zooming and lots of things not working e.g. Flash.
Though that's true with Safari on the iPhone, some of the apps such as Facebook, Twitterfon, Wikipanion, Wordpress, Evernote, NewNewsWire which take full advantage of the iPhone interface really do work and are so much better than trying to access the original web site on the iPhone. In some cases I prefer Facebook and Twitterfon on the iPhone than the actual Facebook and Twitter sites through a computer browser.
I am hoping that someone someday will produce a similar app for Moodle.
James