Basically yes, but it's a really good one. For instance, it supports dual monitors and you can swipe to move between them, you can pinch to zoom, pan around, etc.
I was wondering, and yesterday I plumped for Desktop Connect instead, which is half the price, also an RDP client and also works for my multiple monitor setup, pinch to zoom, pan around.
I really want to see iTeleport to see what the fuss is, but not by paying 'just to see' I don't.