Version 1 adds support for apps that can only read or write to a single folder in your Dropbox. You can rename or move this App Folder wherever you want in your Dropbox, and the app will keep working normally.
[…]
Developers can now build search and sharing right into their apps. Version 1 also exposes the full power of the Dropbox revision system. This includes undeleting files, reverting files to past versions, and not overwriting changes when two people update a file at the same time.
Sounds good. It’ll be interesting to see how Dropbox and iCloud evolve. Right now, it seems to me that the main weakness of Dropbox is that there’s no API call to get the sync status of a file or folder.