EDIT (May 2012) since the last update, the app runs smoothly again and its awesome.
I love this app and would give it 5 stars. Only, since the last update, I cannot use it at all. Every time I try to use it, it results in a crash as I am browsing the different filters.
Please fix it and I will change my rating.
Audiomatiks about Pixlr-o-matic, v2.1.2