Yes, you get a barcode on your phone that you can use as a FP to redeem it. I found it faster for everyone to have their ticket on a lanyard and scan individually than to call up the app and scan everyone's barcode from one phone. For two people it would probably take about the same time, but a group of 6 people swiping through one one phone would take longer. Plus, the "5 minutes early" trick works with your park ticket, but I don't think the barcode shows up on your phone app until official FP start time.
PHXscuba
thanks! I was hoping the phone would work b/c I'll have two little kid tickets to keep track of, but it sounds like it's a pain.