It's pretty awesome. The only problem is the fact you only get XP if you use equipment you haven't 'mastered, and if you are using mastered equipment, you don't level up. I had to start again because I had saved up and bought awesome gear, but quickly realised that I was seriously lacking when using lower equipment.
Still great though. The graphics are amazing for the iPod, and when the extra dungeons and muliplayer comes out, I think it'll be even better. (£3.49 may be a little too much though)