What Jeff said! I don't think it's meant as a replacement for anything, just a handy little tool to see if your phase and bleeding issues are set up right from the get go.
Hope they're gonna release it for Android as well, otherwise i can't try it out
If it isn't too expensive, I might get it even to just make people go "what" while placing microphones. Looks like it could be useful too though, especially live when you have much less time to get your mic placements.