You can not "delete" the cue point, you simply set it to a different point in the song. To do that, pause the track on the new location, use your finger to scrub (move the waveform a bit) and then press CUE. The new cue-point is now set. This might seem strange at first use but it's THE actual way DJs are doing it on the majority of equipment out-there.
Good point with the pitch bend -- we will add arrow on top of the waveform for that.
About the eq -- this only happens when you're all the way down, and it's actually a feature -- it also cuts the mids so that you are left with only the bass or only the treble. It's basically a KILL function.
We do NOT want to have a desktop (Mac/Pc) editor since that's the whole point -- to have all the functions needed right on your phone. Also, you might want to try FutureDecks for desktop, it's really good I heard
The Skip Beat actually is very useful (but mainly for Pro DJs) to allow you mix the songs not only by beats but also by bars. It's not actually and effect and also the Brake is not an actual effect.
Even though it is a bit odd, you COULD use your iPhone to actually mix for a whole evening if you want to. You have all the basic tools for that.
P.S. next release will add some more features.