Yeah it does, I've been using my iPhone as an alarm for a couple of years now. I have 1 alarm set for week days and 1 set for weekends.
Thankfully have not been bitten by the DST bug that others have seen yet.
The Logo is basically a mash up of the Apple logos for iSync and Airport. So I would question if the developer has ownership of that.
The name, fair enough, But how many permutations of "wireless" and "synchronisation" can you come up with? A bit like "app store" really, but i think Apple are in the wrong on that one.