There are nice editing features including effect preview as you get to see in Adobe Photoshop but keyboard shortcuts are missing. Everything is integrated inside Adobe Flash.
Only the basic features are provided for editing the photos as Adobe is planning to come up with paid edition in future.
It gives you sharing options and 2 GB of storage space. Also allows you to bring photos from other photo-sharing and social-network websites like Picasa. Photos can be organized in albums.
I will prefer to wait for international launch of Photoshop Express.