1. Import the master public key for watch only balance/notifications. I *love* the MyWallet service and the iPhone app. Being able to see my balance or if a payment has been confirmed / received is awesome. However this breaks when using Electrum because of the way it handles payments and change addresses. See http://acceptbit.com/
2. Actually importing the wallet seed (hex or mnemonic) and using MyWallet as a backup/clone/whatever. If you go this route please make sure that you don't limit yourself to the seed size that Electrum gives you, it actually supports much bigger seeds (I have successfully feed it a 512 bit seed and it worked).