In many ways it goes beyond the built-in camera software Apple offers, and I think many iPhone users will find it useful.
It does a lot of things faster than Apple’s software, and supports timed shooting with up to a 60 second delay, a rapid burst mode (at a slightly lower resolution), and a slow burst mode. It has pretty effective image stabilization, and a variety of processing options, filters and frames to enhance your photos. It also shoots video in addition to still photos.
You can email your photos, or share them with SmugMug (natch), Facebook, Twitter, Flickr, Picassa or Photobucket. You can set these options up as one-touch saves, which is a big plus.
Using Camera Awesome was a positive experience. The user interface is easy to understand and encourages experimentation. In some circumstances, I could get a better photo than I could with the Apple on-board software, especially using stabilization and burst mode. The one-touch awesome-izer button instantly fixes white balance and levels, and improved many of the photos I tried it on.
The biggest negative is based on my intense dislike of apps that try to upsell you with in-app purchases. Although the app is free, there are many upgrades to buy including black and white presets, more filters, vintage photo presets etc etc. If you buy them all, this free app becomes a $10.00 app. It’s certainly usable in the free, stripped down version, but many users will want more. These in-app purchases really do bother me, and I’d prefer it if developers would offer a complete package at a fair price.
Other than that, Camera Awesome is certainly a competent app, and it gives you some similar features to Camera + and some other apps that aren’t free.
My best recommendation would be to download it and see if it works for you.