Completely agree, I use Photoshop and Illustrator on a daily basis and I'd be delighted to use fully featured versions of these on a nice big iPad screen with a good stylus, reclining on the sofa, blethering to the wife while she watches whatever godawful nonsense she's currently into on the telly. Instead of me being in the office and communicating with her with iMessage.
I can foresee absolutely no issues with using those apps with a 12 inch screen and a precision stylus provided Adobe did a good job of making the iOS apps, they need be no different in operation to their desktop counterparts other than interface changes.
It would be amazing if the app developer could allow some form of mouse pointer within the app itself.
Come apple implement a mouse pointer.