The app does not require “state-of-the-art” phones. It works perfectly OK with 3 year-old HTC Legend (that was not top of the line phone even when it was first announced) and it works well with our test phone which is defined mid-to-low range in today’s phone standards.
The software does require android version of 2.3.3 and above. According to latest analysis they account for over 99% of current phones (based on Google analysis of phones accessing Google Play). Since version 2.3.3 was released in early 2011, almost no new phones are sold with older versions.