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First off, sorry for answering so late, I must have missed your post somehow.
One is only being able to import from the top level of Dropbox.
You can actually import from subfolders of your Dropbox: simply tap the arrow on the far right of the folder to navigate into the folder and import files from there. You can import folders in the stack view (which are imported as stacks) and import single files in the sheet view. I hope that answers your question.
All you seem to get is the yellow tag on the stacks. You then have to swipe through all the stacks to see which have the tag, then open each stack individually and swipe again through all the pages until you find the results - a real bummer if you have dozens or hundreds of pages in the stack. And you can only search at the stacks level; if you try it inside stacks or pages, nothing happens.
Personally, I quite like the way search works. Since all the stacks which don't contain the search string are greyed out, the ones which do contain it can be easily spotted. Also the search works perfectly fine for me in the sheet view and inside the sheets. Sheets which don't contain the search term are greyed out in the sheet view. I can also change the search string in any view I want (that was actually one of the aims of the search -- to be always app-wide and always on). For instance, if I change the search term inside a sheet, the matching text is marked up immediately..
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