Just got this today and played around with it for a while. I was thinking of buying the iP9 last week, but am so glad I didn't because this one has been listed on Amazon since then at almost the same price.
I've tested the alarms, which work as they should. While the unit itself has the 2 alarms similar to the older version of this (iP9), the app, which is free to download through the app store, can have many more alarms. The features I really enjoy on the app are being able to choose "bedtime" music, and choose specific songs to play to fall asleep to or wake up to, and you can even set the volume on your individual alarms. The app also has things like the weather displayed on the alarm screen, which is always nice to know when you wake up. What I also really enjoy about this when compared to the regular iPhone alarm is being able to set the time for the snooze. The unit comes with the docks to support multiple devices, but I like that I can also plug my iPhone in without there being a dock since I have a pretty thick case on my iPhone. Another great feature is that by the press of a button on the device, you can sync the time on the clock to match your iPhone time. The one con I have found in the few hours I've had this is that the time does not remain synced, but is not off by more than a minute (this is stated in the user manual as well).
Overall, the fact that I can set the alarms and more from an app makes this alarm clock definitely worth it. The sound quality is also really great and doubles well as speakers in the bedroom.
The app is called iHome+Sleep (FREE), and there is also another one that you can use to wake up to internet radio stations (iHome+Radio) which costs $2.99, although I haven't tried that one out yet.
I've had this for a few months. I'm not as impressed with the App as I was at the beginning. I've found bugs in it and it's failed me a few times (luckily I was never late). The alarms on the unit itself work very well. Maybe I just haven't figured it out perfectly, but the app alarms haven't really worked smoothly for me. Regarding other things...I love the nap feature that is both on the app and the unit. Also to note, the alarm DOES go off when the phone is on silent.
I reduced the stars I gave it from 5 to 4 because of the app, but I still recommend this iHome, especially since the former version that has fewer features is more expensive now as it's being phased out.