I actually like the simplicity of Beer Alchemy. All the other programs I tried were too complicated, to the point that it was annoying. There's a few things I wish he would change, but overall I give it an A.
Being able to sync/adjust your shopping list to the iPhone version would be at the top of my feature request list. Also some more user-friendly operation on the inventory adjustment would be nice too (i.e. no more one-time-adjustments without being able to make changes after the fact).
Shortcuts would be nice, and speaking of saving, I hate that when you hit save the recipe folds up and you have to open it again. I like to save things while I am working on them just to make sure, and this annoys the crap out of me every time.
Definitely a step above online calculators, and even Beersmith, if it's not saying too much. Still some room for improvement, but it's the expandability that I like about it.