Haha! OK, I see why people were griping. No way to add a photo using the Blogger app. That's not enough of an issue to cause me to try a third-party app, though. I can still use this app on pic-less posts. You might be able to use email to do a post with pictures--I can't recall.
You can add a link using the app, and you can change a word to bold or italic, nothing else.
An odd thing: the labels I used in the previous test post did not come up as options in this post. I had to create the same label again.