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If by standard form you mean scientific notation, I agree that this is something high on the to-do list. I've been sidetracked with other work lately, and my undo / redo update has taken far too long to implement, but I do hope to address this in the near future.
However, I disagree with the assertion that this make the application less capable than the built-in calculator. You can indeed enter something like 5 x 10^5 by manually entering the calculation, which is what you'd need to do on any scientific calculator anyway. On the scientific calculator, you wouldn't even be able to see this as you were entering it in.