I've not really used it in anger yet but the new app looks to be more flexible in the long run.
I do miss the photo as a background feature, not least since I'd just spent some time doing layout backgrounds for the old app. But that and the current lack of text labels aside, it is possible to do control boards quite neatly with a bit of perseverance. See below for an example which i knocked up yesterday for my newly acquired layout...
The tip for rotating points etc is to tap the point you want to rotate then hold and tap with a second finger elsewhere and rotate. But crucially, move the finger above the point to the side while still twisting - that way you can see where it ends up. Also, you can move your fingers further away, and just like a lever effect, your adjustments become more precise.