It supports file uploads (lets you choose photos you took with your camera) and MPO files (3D JPEG), but it seems to have problems with Keep-Alive connections. And of course there's no flash or any other plugins. It's not that bad, but I don't use it often as any smartphone browser is better.
I used it a couple of times to check maps on Google maps and it works if slowly. Doing anything from basic browsing is going to make you want to smash it as typing with the stylus is a pain, especially replying to emails on yahoo mail.