CacheHound is a new Android geocaching app that I decided to test. Priced at 4.99 from the Android store.
What does it do:
It allows you to load .gpx files from PQs, these can be loaded to your SD card and the synced.
It has an online search facility, at the moment it does not filter out your finds or own caches.
It allows you to create your own filters.
Navigates by a basic compass facility and by using RMaps (I have managed to load OS 1:25 for offline use.
Writing and storing of offline logs that are exportable to a txt file for later use.
Allows you to add new waypoints and include notes, nice and handy for multis.

Out in the field it did quite well, but as always, the accuracy of the navigation was dependant on the GPS receiver that is used. I tested it with the inbuilt GPS and achieved an accuracy figure of +/- 40ft but with the Bluetooth GPS I have (Sirf III chip) the accuracy was improved to +/- 8ft. From the navigation page it was easy to flip between the Compass, the cache details and the hint with out ever stopping the compass from working which was handy. There is also a button on the navigation page that will direct you to the online cache page as well and then back to the navigation page.
It is still in its early days but I am sure that the developers will continue to improve its performance.