A new feature to see latitudes and longitudes with more digits will come up soon. In the mean time, you can import the waypoints from a KML-file (e.g. create the waypoints in Google Earth, export as a KML file and then import into GPS Essentials.). Also, when you publish a waypoint as a geo: URL (http://tools.ietf.org/search/rfc5870) (e.g. when you are publishing a location on a website) you can click on it from your phone to add a waypoint. GPS Essentials will respect the precision of the locations when doing so.

The internal presentation of the waypoints has sufficient precision, and you can already enter latitude and longitude with much more fractional digits and the waypoint will be stored accordingly. The rounding will only happen for presentation and when you edit the location manually. 

The map will show the waypoints with the internal precision. When you add two waypoints and enter N5000.00 E00700.00 for the first and N5000.00 E00700.001 for the second you will notice that their position differs in the map. Also, all calculations such as distance and bearing will be performed on the internal (high precision) representation.