Cool. But who really needs to do this?
Many of you that question the need for LR on an iPad simply don't value or understand the use cases for the software. And that's OK. There are thousands of software packages that are absolutely mandatory for people to get their jobs done that others would never have any reason to use. I have several points/clarifications:
1) LR is not just for editing. So for those of you questioning "Why/how/who would edit on an iPad without a mouse, the colors aren't the same, etc.", forget that line of thinking. LR is a database program as much as a photo program. Many people will value the ability to simply use the iPad version of LR to make initial reviews of their photos, eliminating poor shots, tagging others to consider, etc. Before the iPad version, you'd have to do so tied to your main computer/laptop. This is hugely efficient.
2) LR is generally speaking for pros and fairly serious amateurs/hobbyists. LR is not a direct competitor to iPhoto (although they both do some of the same things, LR is the Ferrari to iPhoto's Honda Accord). Again, if you don't have use for LR, you may not be able to appreciate the benefits of the mobile solution.
3) The subscription cost model is not a ripoff (yes, I will admit that this statement is subjective). LR, and the other components of the suite, are absolutely mandatory for a professional. In no way differently than gasoline is necessary to a truck driver. If you don't see the need/value/use, you very likely do not need this software at any cost, be it $0.99 or $10/mo. Don't sweat it, we all don't need every piece of software out there.
4) The target audience for LR/Creative Suite vs. Office 365 is absolutely not the same. Of course there is overlap. However, the Office audience is magnitudes larger than the photo suite audience. Further, the Office user base is much more variable, ranging from students to home users to secretaries to managers to executives and everyone in between. LC/Creative Suite is used by pros and serious amateurs/hobbyists. To compare the subscription costs baseless.
I hope that this helps, particularly those that immediately dismiss LR as being useless on an iPad and/or too costly. Step back and understand the market 1st.
Thanks.