Of course it can do a lot of things, Nek has made a good summery for us here. Quote part here:
1. WEB and WML webpage browsing
2. WiFi, CMWAP(only in China), CMNET access
4. upload and download files
For me, the most wonderfully thing is exactly what it’s designed to be: browsing wap sites on the iphone. I myself actually use Google Reader on Safari for the daily news, and Safari does work fine for me most of time, but in the worktime, i do need to visit some wap sites a little. That’s always been my headache when coming to it.
Now it’s come to the end,finally. Cheers
BTW, the source for UCWEB iphone edition is http://wap.ucweb.com/iphone/UCWEB.plist. And its offcial forum is here(in Chinese)
Update(Feb.26,2009): To answer antonioj’s question, here’s the how-to(from left to right):
To access the bookmarks, click the yellow star icon in the upper left corner as the picture shows below:
Update(Sep.21,2009): The latest UCWEB is 6.7beta which I’ve talked about here.