I don't doubt that Photoshop on a desktop machine will usually perform better. But the latest iPad Pro models have six-core 2.3GHz processors and 4GB of RAM. It was only a few years ago that were were doing pro photography work with machines of that specification.
The challenges are definitely going to be building a productive and useful UI using the iPad's input constraints. This is something that might be more effective on a device like the Surface. But I'm sure there are ways to build a good user experience on an iPad, so we'll need to wait and see what happens.