The app is described as a lightweight Matlab environment. It definitely is. Its essentially the command line tool from Matlab. While its helpful on the go for quick calculations and graphs its not optimized for platforms like the iPad Pro(lacks resolution and split screen support) and doesnt have the Matlab editor which would make it a great mobile application. I suspect it will take someone porting over octave to iOS in order for the Matlab team to make something great.
Df245 about MATLAB Mobile, v5.3