yes they create a new version, it's just that mining is still in the limit of two hours per day
Is that even work? Can you use that bitcoin to trading or even for gambling? I mean if that worked well people will just download it and mining all day long and its easier
Yes it's work, i'm mining with my android now

That app is for mining only. You can follow their thread:
https://bitcointalk.org/index.php?topic=902788.0~iki