OK so this will be a little more informed opinion after playing with things a bit.
Adobe released Lightroom Mobile.
What is it?
Well it is a program that when connected to Lightroom 5.4 through Creative Cloud (yes you need creative cloud) to your iPad in a limited way.
From the computer you can sync any standard collection (not sets or smart collections, which makes sense for data management)
You get basic editing, ie only the Basic module (Exposure, Vibrance Clarity, Shadows, Blacks) Cropping, and Lightroom presets and you can Flag photos
In essence what this is, right now, is a way to turn the iPad into a virtual contact sheet. It is a very good virtual contact sheet, but it isn't really suitable for anything else. Unless of course if you only use the basic adjustments most of the time. At it's core, right now this is a client tool. You shoot, you do a quick selection of the photos you hate the least, do any basic editing you need, and take the iPad to the Client. The Client then can say oh I like that one, I don't like that one.. etc and you flag them as needed, and you can do some basic edits with them if they have a basic request. (you can save the image on the iPad and do other edits to give the client a mock up if you want) Then you sync it to your main computer and finish the work.
For this purpose I can see it being a very good piece of software, and a nice Companion App to Lightroom. It isn't anything more though, and I believe that is the reason why, right now, you don't see it as a stand alone product.
The video below actually shows you all the features. They didn't really leave anything out.