We have tested and submitted version 1.8 of the iPhone Siddur. I have updated the version history to reflect the changes, but let me demonstrate them here, with pictures. First, let me explain that many of the features came via the discussion groups and emails we received, so keep sending them and we will add them to the list and try to knock them off as often as possible.
iPhone Siddur 1.8, what is new?
(1) Major updates to the Siddur for Edut Mizrach (Sephardic) version. We not only fixed a ton of mistakes, we also added a lot of Brachot. I am sure there are still issues, so keep them coming. We do hope to add Nusach Ari/Chabad, but we have no ETA for that yet.
(2) Altitude always worked with the Zmanim, if you had a GPS mode, but we never showed you the actual elevation, now we do, if you click on "About these times."

Note, I tested this a lot, and often it comes up with zero. I think it is a limitation on the GPS device. It does work, but not all the time.
(3) Rotating the phone to landscape mode, no longer looses your place. So if you are at this point:

And now you want to rotate it, it will keep you at the same point:

(3) We added two more times to the Zmanim, the most popular version of Magen Avrohom. If you want more, for now, go to a web version. We may add more, but later on.

(4) Greatly improved the Minyan database, thanks to working hand in hand with GoDaven.com. So check this out:
(A) Ranks minyanim nearest to your location:

(B) Cleaned up the detail view, added functionality and added a lot more data. So, it looks nicer, loads faster, no web access is needed to view the data. The address hyperlinks to the iPhone Maps application, so you can get directions. Email and URL, if available, work respectively with a tap of the finger.

Scrolling down, you see the times of the various prayer services. Yes, I know it says "zman" but it is hard to dynamically replace those words with a real time, because the words are used differently by different shuls and locations.

Scrolling down, more times (it only shows you times that are available, to not waste scroll time). It also has the Nusach, the long/lat (clickable) and the source of the data, which is hyperlinked to Safari.

(5) Added more settings options:
"Smart Siddur" is default on, but only really works in Ashkenaz now. We will add it to other Nusachs for version 2.0. "Hebrew Systems" is a switch for those who installed a hebrew keyword on their phones, which reverses some of the texts.

Added an elevation override, more overrides, including the "Limit to Miles" for the Minyan database:

Other changes include:
- Added Torah portions added to all Nusachs
- Remember last location when you close Siddur (might have some bugs)
- Changed hebrew date format in Luach
- Add kidduah livana
- And more minor things
Released this now and will continue to fix up things and hopefully release another version as soon as the end of the week. Obviously pending how quickly Apple approves this version.