No, the free iPhone Geocaching Intro app will only show you the three nearest caches, whereas with the new WP7 app, if you have a free Basic Membership, you can see an unlimited number of caches with basic cache data (coords, type, ratings, size, owner,) but only three full cache listings per day (with descriptions.) This is the same as what you get with all other third-party apps that utilize the Geocaching Live API.
From the Windows Phone Marketplace: link
APPLICATION FEATURES INCLUDE:
- Free three full cache downloads per day (unlimited “lite” cache data) for Basic Members of Geocaching.com
- Unlimited caching for Premium Members of Geocaching.com (visit geocaching.com/membership for more information)
Upon a bit more searching, I learned that the $10 geocaching.com apps for Android and iPhone in fact don't have that limitation. It's been so long since I used mine (I played around with c:geo for a little bit, and have since been using CacheSense), and my understanding was that all mobile apps using the new Live API were operating under the same limitations. I wouldn't be surprised to see Groundspeak make the same changes to the Android and iPhone apps in the future...
But hey, the app is free! Plus you can still use it to go find any number of caches you want in a day. You simply can't download more than three full descriptions in one day unless you pay for a premium membership.
~Joe