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In the search department, you can view or delete your saved searches as well as create and save new ones, plus perform regular text searches for tweets or users and see what search terms are trending right now. With List support, you can view and manage your Twitter Lists from within Seesmic mobile, view other users' Lists and follow or unfollow Lists from within the app.
A couple of other nice features included in the update are contextual menu support for sharing items via Seesmic and font size customization. Now when you make use of the Share function from within the web browser, if Seesmic is installed, it will appear as one of the available options for sharing a link.