The app is still clearly a beta release. I've played with it for a few minutes today and can confirm user reports that say it still has a few bugs. But in spite of the bugs this is still a big improvement on not having an app at all.
I can use the app to download and read a previously purchased Baen ebook, download Epub or RTF, and there is an option for emailing an ebook to my Kindle account. The app is also tied into Baen's Bar, the news feed, and the Planet Baen podcast.
I can even browse for ebooks, but buying ebooks still requires logging in to the Baen website. Speaking of which, anyone not on Android might be interested to know that the app is complimented by a mobile website which has nearly the same features (but fewer bugs).
An iOS app is also in the works.