gps IS good for calculating the wind drift and GS, definitely. but it works the best on STRAIGHT legs, not in constant turns (depending on the processor)
as far as the vertical navigation is concerned, it would have even worse lag than your barometric device.
DONT fly your aircraft according to smart phone apps. it can get you killed. i have seen people who thought the artificial attitude indicator based on tilt of the phone was a good idea. call that stupid, call that uneducated, but it's plain dangerous, too.
(just in case you didn't know, in coordinated turn, the resultant gravity centripetal force compound acts downwards, airframe wise.. i.e. the smartphone is stupid enough to be tricked into thinking it's flying straight)
all in all, you SHOULD pay yourself some IFR training and see how your smartphone gets confused compared to the real, tested and proven aircraft instruments.