I hate it! Granted, I'm also a drummer, so I get to be super picky about my metronomes
If you are taking suggestions:
1. Add cowbell and snare to your beat options (and maybe multiple time signatures).
2. Allow for user setup of beats (combinations of hi-hat, bass, and snare).
This is kind of along the lines that Ned was talking about, but basically punting on the copyright portion. If you had that granularity, you basically let users create and name beat tracks based on those often-covered songs, and with the ability to place snare beats, everyone else in the band can get the main structure of the drum part for practice, which could be especially useful if the snare isn't strictly on 2 and 4.
Otherwise, pretty neat, Funk!
On second thought, let's not go to TechReport. Tis a silly place.