Better than I expected
I was desperate to find a steel property marker pin buried below the surface and after reading the reviews of all the metal detector apps., I chose this one because it seemed to have the least negative reviews. I was expecting nothing and was prepared for a entertainment app. at best.
Well I was surprised. I set the sensitivity control to just below half and went to the area where I knew the pin must be. It started responding and I dug in that area. As I kept waving the phone over the area, (1" off the ground surface), and dug in that area, I found the pin about 6" below the surface. Its not super accurate and does not cover a wide area, but it does detect ferrous metal. I suspect you would have to be a maximum of 6" or so from the metal object and size of the object matters. It doesnt seem to detect stainless steel, aluminum or any other non-ferrous metal, but I expected that because of the "compass" type nature of the app. Adjusting the sensitivity to anything above much more than half makes it seem to go off all the time even in the absence of metal.
So it does actually work on my iPhone 4.
targetmaster about
Free Metal Detector - Stud Finder and EMF Meter in One!, v1.2