The app, once downloaded and set up with your login details, allows you to browse the EPG either by channel or via a grid view in landscape mode, select a program and either set a reminder or remotely schedule the program to record, as well as search for programs, and add channels to your favourites list.
When you first launch the app, it asks you if you'll accept push notifications, which I assume is for receiving reminder notices about programs about to start.
Short of being able to actually stream video to your iPhone (which will never happen thanks to the whole Telstra connection), this is as good as you can expect from a Foxtel iPhone app. Well worth the asking price.
[iTunes - Thanks David!]