The free version is very limited. I use the ultimate version and I'm rather happy with it. I don't want to schedule traffic when my phone is idle, but that would be a massive battery saver.
Yes, you can set different settings for each app in the paid versions. You can set a trigger that makes sure your internet is always on when meego is running, even when your screen is off.
But overall, I have no problem to use my phone for more than 12 hours on battery with moderate usage. Maybe you should send your device back anyway.