I'm not a pro on assignment and I hate bringing a computer on vacation. If they price it fairly, it sounds like a great idea. I hope it's real and will be included in the $9.99/month photographers plan. If not, I might be willing to pay a little more ($5/month maybe, or a onetime special price for subscribers) for the convenience of not having to schlepp around an expensive MBP to do cataloging, key wording and a few quick edits while on the road. Snapseed, et al are great for edits, but don't catalog or keyword. Which lake was that, St. Who's church, what was her cousin's name, get that stuff entered while its fresh in your memory, and then get back to the beach/tour/party. Save the heavy lifting for home.
Wish it could be a Universal app. I use the iPhone camera all the time, esp. for geotagging; iPad camera, not so much, um, at all.