To be honest, I've been considering it, but there hasn't been a final decision yet. Out of curiosity, what would you improve over the native client, for IMAP accounts?
This is what I consider broken on the stock IMAP client:
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Push notifications: maybe you need to do IMAP idle on a server for that? Not really important for me, but would surely attract some users.
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IMAP flags: "Answered" (reply arrow) and "Flagged" (stars in Gmail). They are standard to the protocol but not implemented in the native client.
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Drafts: drafts aren't synced to/from the server, only saved locally.
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Spam folder: this isn't available at all. No option to mark messages as spam either.
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Custom folders: the default client is horrible at this. You can send email and will be synced to a "Sent Items" folder, no matter if your server uses "Sent" or other name. Same happens with Trash folder: phone uses "Deleted Items", no matter where your trash is in the server and doesn't let you configure it.
I documented this today, if you want to get more detail on it.
To be honest, looks like the guys who programmed the stock IMAP client are all using Exchange and just needed to get the work done. The app for me was "read-only" until I did the workaround to at least, get the sent emails uploaded to the server.