While it's nice to see people becoming more conscientious about their effect on the environment these days there are a few problems with this app.
Namely that it saves electricity (which it doesn't, based on the app description).
First off, you can't over charge a phone. A lithium battery would get damaged (or worse) by over charging (for your convenience this is all taken care of automatically).
These days your phone will charge up to full capacity, receive a topping charge and then merely maintain that state of charge.
Unless you happen to turn your phone off, it is using power. And you're going to have to recharge it sooner or later, there is no free lunch here (it is worth noting some power bricks do draw power when plugged into the wall and they're not charging your phone, mp3 player or whatever).
As for the black ui to save power. LCD screens use a back light to provide the brightness, which is where most of the power is consumed (A black UI on a CRT monitor will have an effect though).
If you really want to save power turn your display brightness down as you'll find no perceptible difference in your standby time between black & white colours for your phone.
There are a number of tricks to save power on a mobile device (turn of wifi, bluetooth, push data and more) that WILL actually save power if you're not using certain features.
Apple has such a list on their website. Now go forth, save power and make an (actual) difference. http://www.apple.com/batteries/iphone.html