What about merge conflicts?
Looking at their API docs it looks closer to rsync than to an API you could use for collaboration. I don't think you could edit a document on your iPhone and iPad at the same time. Both clients' changes would just stomp over each other. https://www.dropbox.com/developers/sync/docs/ios
What I'd like to see is someone offer operational transformation as an API. http://en.wikipedia.org/wiki/Operational_transformation