I just got it on my new phone (S3), and I'm not very impressed.
Once the streams do start the framerate, quality and everything is just fine. I just wish the streams did start then, as intended. Most of them just load for 10 sec and then give up. It doesn't seem to follow any particular pattern either, like amount of viewers on the stream, its location or whatever. The app is just being highly selective on which streams that will play and that won't.
I've completely gone over to accessing the streams through alternate sites, such as Own3d and MLG's official streams for instance. And those work 100% every time, so it's pretty easy to rule out my phone or anything that simply isn't related to Twitch TV. But as fine as it is accessing the streams this way, I'd rather see this app worked properly instead of seeing Twitch just letting it die, cause it would just be much safer and smoother.
If anyone has any ideas on how to improve things I'd be very much impressed, but I'm not really expecting anything. Just wanna hear if any Twitch TV official has anything useful to say, mainly if there are any updates planned. When was the last time this app was updated btw?