Looks awesome, I'll happily buy it for $5 once it hits the store.
It's also nice that it's open source. Contributing to an actual iOS app could be a nice way to get a taste of iOS development without having to start a whole project from scratch (if you have no previous experience.)
Try wordpress for iPhone (http://ios.wordpress.org/development/) which has been developed for a long time. However I agree that it's easier to pick a project with less code in it to learn.
It's also nice that it's open source. Contributing to an actual iOS app could be a nice way to get a taste of iOS development without having to start a whole project from scratch (if you have no previous experience.)