A little late with this post, but in case you haven't heard, Transit 4.0 is out. The latest version is a major update to the best transit app in the world (I personally recommend it to New Yorkers and tourists alike). This new version includes a new feature called GO which uses your phone's location to give you up-to-the-minute data about your trip. Things like when to start walking to your stop or when to get ready to get off the train or even when you are going to be late to your destination because of unforeseen track troubles. All of this, of course, is working alongside Transit's insane amount of real-time train and bus tracking which they've built into the app.
Oh, and if you're a user who just hasn't made the upgrade yet, you should. There's a new look, a new logo, and a new color to enjoy.