I just pulled in 10 iPhone RAW files. It did a really nice job of processing them, I did the usual pulling-up shadows and highlights, and played with some of the sliders. Noise reduction and sharpening tools are primitive. Yet the photos look great. I finally managed to export ("render") them.

It's a baffling process flow if you're coming from Lightroom or a manual ACR workflow. But I'm excited to see where this goes. Quite simply, the output results are great. And free!