Motion X GPS is a great app for shorter walks or if you have a means to recharge on longer walks. Like other GPS dependent apps it will be hard on the battery.
You can save and restore tracks, upload them, get voice feedback on progress and many other features which the link will better detail. I've used it a number of times and while the impact on battery life means I wouldn't rely on it completely it is a useful app.
I don't know what all the lite version does, so I can't comment on how much better the full version is. MotionX has a very informative website with a manual and tutorials that can be found here: http://gps.motionx.com/iphone/overview/