This statement is completely correct, which is why Parse is adding so many features besides just key/value storage. You can already store relational data, do geo-searches, user authentication, file storage, push notifications, and lots of other stuff.
See: https://www.parse.com/docs/ios_guide
Our goal is to let you write any application without running your own server. If you think you can't build your application on Parse, drop us a line at feedback@parse.com and we will be glad to either figure out how it can be done, or put it on our todo list.