Sometimes I wouldn't mind reviewing first posts, late answers, etc via the android app.
Is this is even possible?
If not is this something that has any chance of being implemented?
Highly doubtful, as content is rendered differently, and very few people have Android running as a station to actually edit effectively. I know I use the SE app on my Android cell phone for posting questions and answers, but I hardly ever edit, as it's too complicated with a small screen.
Now, with my tablet, which has a Keyboard dock and touch pad, it's easier. I can still edit via the web page, but not the app. Again, it acts differently in the app than the web page. The app uses an API, whereas the web page is the direct page (meaning you can still access the /review queue). If they unleashed the Review panel to the API, people could, theoretically, robo-review posts from other apps as well. So I doubt it will be supported.