I installed it on both iPad and iPhone yesterday and it looks good so far. Some basic editing is available (unfortunately not cast & crew, at least not yet) and also a remote function, which lets you select a profile, watch the trailer or the open the enlarged cover views remotely on your computer (not sure yet what the intended use for this could be
) Also updating is not available. Once a profile is downloaded, then that's what you have (casual users will be satisfied with this though, I think).
Initial Sync for my collection of approx. 2000 profilestoo around 20min.