You’re right, David, it does use Safari’s Webkit — but no access to Nitro Javascript engine, unfortunately. There is definitely more to it than being just a Safari skin, though, and there is the possibility of more features to come.

The interface and the syncing alone are enough to keep me, and the browser seems to be generally more stable (at least than the iPad version, which is terrible).

There are ways to add some semblance of extension-like features, too. You can already do things like this in some iOS browsers via bookmarklets being built in to the browser, with the ability to add more in the settings. Hopefully an enterprising person will get on making some sort of standard here…