This looks like a pretty good app. I will defenitely try it when you finish.
I like that you will be able to label and describe a waypoint. Most GPS let you do this, but they don't have a keyboard, you have to select each letter to type. Don't skimp on the size of the text fields.
You probably won't allow duplicate waypoints. It would be cool if it suggested good alternate names. For example, if I already have a waypoint called truck, then suggest the name truck1. My GPS now suggest waypoint1 if truck is already taken.
Import and export of waypoints would be cool.
If it was compatible with NAT GEO mapes, it would be awesome!
When creating waypoints, allow a default expiration date. For example, when I hunt, I leave my truck. I create a waypoint called truck. It would be cool if when I created this I could make it automtically expire in say 7 days. That way I wouldn't ever have to clean up the 22 truck waypoints I have stored.
One Idea I have thought of is making multiple arrows that point towards the destination. One would be based on direction using the internal compass, the other would be based on the direction travelling based on GPS fixes.