I just bought the application, and it works!
I was skeptical at first, but its very simple.
Column one Column two Column three
F-Number Shutter ISO
You select one to calculate and preset the other two settings.
Press the photo button, take a picture, retake, or use it for the meter reading. When you use it, it calculates and shows the new setting. At which point, it locks the exposure, and you can change any of the columns to find your ideal combination.
I have used it, and it seems to be accurate. This is a very rough opinion, as there are no guidance notes or even a webpage on the developer's site (who are the same people who made photobuddy), and I don't know the metering area is.
All I know so far is that compared to my Pentax K10D centre weighted metering, the light meter application, when metered at a similar angle of view, suggests exposures that are 0 to 1/3 over what the K10D suggests.
Given that the K10D tends towards slight underexposure, I am confident this would be accurante enough for my B&W photography.