Totally agree and I'd also be more than happy to pay for this.
Multitasking is a must. Rich text formatting seems also crucial to me. I have lots of vocabulary which needs extra annotation where formatting would come in handy.
Another thing I really miss badly is the inability to truly sync between devices, especially also having your scores synced. I know this is in the FAQs but anyway …
Great software anyway, tried almost anything available for the Mac and got stuck with iFlash. Thanks!