Maybe they are/were different on Mac? The experience of owning Prompt for iOS would be essentially exactly what was described (it never really worked correctly, is still not updated for iOS 7, changelog was, in fact, a recipe for clam chowder, etc.), minus the final "2.0" bullet (which I would love to hear more about: what product did they do that with to cause that bullet to be on the list?).
(To be clear: I am personally entirely fine with the idea that software needs to be paid for, and wish they could charge for upgrades in a reasonable fashion so as to have a real business model; but the emphasis on form over function, with tons of marketing and descriptions about how pretty the software is when core functionality like terminal emulation never worked correctly, is really irksome.)