It seems too basic to me. And I fear for them that the "Reminders" application coming in iOS 5 will cover the low-end spectrum of the "to do" applications....
I had a look at TaskPaper : it seems great. The only thing I would miss is the multi-level projects. But the idea of a MarkDown-like syntax for tasks is wonderful ! Brett, why not a "TaskPaper" view in nvAlt for notes which happen to be in TaskPaper format ?
I've been using it for a while now and it is mostly great. Especially for the grocery lists that my wife loves to text me. Just wish they would make it so someone could send you a list or easier yet, you could copy and paste several things at once with line breaks and have it format out into a list. Currently I have to go into simplenote, paste in my wife's text and then open Listary.