https://newschoolers.com/web/forums/readthread/thread_id/468185/
^Click into that thread and we had a ton of awesome ideas being thrown around by a bunch of people.
You'd want to have, across the bottom:
Home/News
Forum
Videos
Photos
More (searchbar, profile, PMs, Store, Member lists, etc.)
Among the top of the feature suggestions were:
Photos & Videos (shake to show a random photo/video)
Photos & Videos (geotagging and upload direct from iPhone)
Photos & Videos (Google Maps "locate" geotagged photos, etc.)
Locate (drop pins on a Google Map to locate nearby NSers)
Facebook Connect (integrate with your Facebook Profile)
With the right developers working on it, it would be logical to strive for 100% of the desktop features being usable in the app. Plus you'd have some iPhone-specific features only available in the app.
Target price: $9.99 w/ iPhone-optimized ads.
$19.99 w/o ads.
Considering the prices for contributor status and other exclusive items in the NS Store, the above prices would be about the most you could expect, but only if the app was properly implemented (100% functionality, a native-looking interface -- not ugly).