I'm writing this post with it!
It's ability to render pages accurately is perhaps even etter than Opera's.
The user interface is currently dreadful. And there are too many annoying "effects" that cannot be switched off, and just make it slower.
My concern would be that, in order to get the usless "iphoney" effects faster (especially the 3D history screen), they will start using some technique that stops it working with the Redfly.
Some bright spark at Celio should provide some funding for the development, and set some priorities for the product. A high quality Redfly-compatible browseris a big benefit, since Opera doesn't work, and IE is a bit pants.