The functionality is good. It does what it should and it is a great benefit to be able to work with MatLab on the iPad. Although I should say I didnt test it extensively.
But I cannot see the Retina support that should come with the latest update. The logo, some buttons (also on the keyboard) and the figures appear not at all sharp on my retina iPad with iOS 5.1. I tried to restart but it didnt help. You can see big pixels. Curves on figures and on buttons have too many edges. Really cant see any visual improvements here.
JohnHartigan about MATLAB Mobile, v3.2