[quote name='prateeko']Also, it will automatically update if a new version comes out, right? I don't need to keep paying for updates? I don't have an iPhone/iPod touch but I figured I had to get on this...[/QUOTE]
It won't automatically update, but it will show on your list of available updates to download. As of right now, all updates are free, and I imagine they'll stay that way for most existing apps including this one.
It's hard to tell what's going to happen with updates and such with this new "micro-payment" system that Apple is introducing with 3.0 -- there's a definite possibility of at least a few developers attempting to gouge their customers with that, but hopefully the community backlash if/when that happens will be strong enough to squash it pretty quickly.