Full user review
"works, but could be better"
User interface in Nifty Telnet is easier to use for configuration, but not too bad overall.
Allows key generation, and allows exporting public key to a file; doesn't seem to allow multiple sets of identity files (i.e. different ones for different hosts), and doesn't have a key import option (stores key pairs in preferences folder).
Does allow port forwarding (either direction), but only one at a time (can enter command line options to the lsh code as well, perhaps you can do more with that). Allows connecting through a SOCKS proxy, but not providing a proxy itself (such as OpenSSH does). Provides an FTP server (can be disabled, configurable users & passwords), but it always aborts transfers after about 64K. Does not support sftp or scp, which would be a VERY nice addition.
Adding in sftp and/or scp client code would make this a must-have application (unless you're using MacOS X in which case you already have ssh, sshd, sftp, scp easily available).
Since this is GPLed, perhaps someone will find the time to fix the minor problems and make this an excellent program.