At first glance, I though $17 was a bit expensive. I went ahead and upgraded and bought v2. I am very impressed. After using version 1, Beersmith lite, and Beersmith full on the iPad, iBrewmaster2 is by far the best. I don't remember how much v1 was, but the recipe packs were $8 alone. Now there are 600 included. There are a couple of bugs which caused the program to exit, but these seem minor. The profiles, batch tracking, inventory tracking, and recipe editing are all first class. This is much easier to use than Beersmith full on the iPad which was also released in the past week.
The only aspect of Beersmith I like better are the references and Beersmith Cloud. IBrewmaster can save to your own DropBox account, but not interact with thousands of others like Beersmith cloud.
For now IBrewmaster2 will be my main app, moving recipes from Beersmith now.
I know what it takes to develop apps and deal with Apple. Personally I think this should be a $10 to $15 app, but I am satisfied with what I received paying $18. In app purchases to upgrade to a new version through Apple are very complicated because of Apple.
Hopefully they will continue to improve their cloud recipe sharing feature. It would probably be too much to ask to integrate Beersmith cloud. Overall highly recommended if you want to use your iPad or iPhone as your primary brewing computer.