It’s a pretty barebones suite. The feature set is limited and whilst this is passable for the phone, it is not going to scale up to the tablet. If (the still unreleased) Office for iPad is just this codebase blown up to a bigger screen, the limited functionality is not going to satisfy users’ needs. Outline mode only editing in Word can only go so far.
And yes, in case you are wondering, Apple has not compromised on its policies to get this app into the App Store. If you buy a subscription to Office 365 in the app, Apple gets 30%. For whatever reason, Microsoft relented on this point.