You know you've hit on something great when everyone's reaction is to ask for more features. Here's my wishlist:
* Custom excercise names (so that your autocomplete doesn't have to be comprehensive)
* A timer during the exercises that are timed (I find it annoying while I'm in the gym to constantly set alarms for every exercise in every set and I can't always easily see a clock)
* Ability to add descriptions ("Remember to keep your back straight", settings on machines)
If this is open source, I'd be happy to contribute.