This question has come up a lot so I would explain the feature here and then point people to this posting.
1) If you upgrade your iFly to the version 6 software you will have the ability to show georeferenced plates and diagrams (that is, your airplane icon will be on the plate, etc). But you MUST download the latest plates as well. They are different. So after upgrading to v6, create another update package to get the latest plates and diagrams - even if your plates are current.
2) We have about 95% of the plates and diagrams georeferenced. Why don't we have 100%? Several reasons: First, there are about 13 thousand plates around the country, these must be manually worked one by one. Second, many of the plates do not have enough ground markers indicated on the plate to allow it to be georeferenced. Third, some of the plates published by the FAA are just out of scale and impossible to show as a map. Fourth, some of the plates were done incorrectly, caught in our QC process and pulled (these account for less than 1% and will hopefully be fixed next cycle)
3) The iFly is not FAA certified. And the data we use is not FAA certified. We've done everything we can reasonably do to make sure the georeference plates are accurate - but there may be errors. You should use this as a navigational aid, but be smart about this - don't bet your life on the accuracy of this data. Always use certified instruments to shoot an approach!
4) If you plan on using this feature, check before your flight to make sure the iFly has your intended plates georeferenced, so you're not surprised in flight.
Hope this helps,
Walter