It works, without much battery drain!
I've been using this over the weekend, on an iPhone4. It works as advertised. Even with the "Log in Periodically" and "Improved GPS" options turned on, the drain on my battery is minimal--at the end of the day, I'm only a few percentage points of battery usage down more than without Phonerecover. I like the .csv export file of where my phone's been; if I lost the phone, that would be a great help towards recovering the device.
My only 'do betters' are: Is it possible to remove the "GPS" icon on the top time bar? Not a biggie, I know, but still ;-) Also, on the export file: other than download and remove them myself, is there a way to allow it to show only the more accurate coordinates (not show the 500' ones)?
I like this app--it works far better than Apple's own program (which never worked on any of my previous phones), at a far more reasonable price: .99 for the app +the subscription fee for monitoring ($20/2years) versus $99/year for MobileMe.
Great app, thanks again!