Since we're back at using centralized solutions, we might aswell drop bitcoin and go back to classical banking.

How does something like this represent the idea that bitcoin stands for?

I understand the point of the blockchain not being on the phone, for storage and bandwith reasons.
The arguments i hear most are outdated i think.
-Most new smartphones have at least 16GB internal storage.
-You don't download the entire blockchain over the mobile network, use wifi for that and only mobile for transactions and updates.

And yea, i know your phone may have only 512mb of storage, but that doesn't matter for now since the masses of people ain't gonna use bitcoin for at least another 5 years, IF it ever gets off the ground in the first place.
By then, smartphones will have 1TB storage and at least a 10mbit mobile connection, so yea, we can keep it decentralized!

[edit]

Ok, this is what i see is a potential problem.
This bitcoinspinner company wants to make money.. but oops, the app is free. (ofcourse it, is, and always will be, you'll be paying with personal information from your phone)
So, they invent the system all over again, they will start to lend out non-existing bitcoins to users, at a nice rate.
Where do those bitcoins come from? Well, from the other users that have plenty balance, unless everybody wants to spend all the money they have at once, they will be doing fine, just like the banks!

The 'you own the keys' argument doesn't really hold up imo, after all, you 'own' your creditcard too, still the company manages it and in the end has ultimate control over it.