Im using PhotoRaw on an iPad Air and while it downloads and runs fine, the quality of the Raw conversions and output are sub-standard. Im converting Canon CR2 files from older Canon cameras, so the conversion should be good to great. They arent. Using any of the Recovery sliders (Shadow and/or Highlight) results in posterization. The skies are really bad to the point of being unusable.
The software lacks tools found in other iOS Raw Convertors, most notably noise reduction and sharpening.
The price is less than most convertors, but it lack the ability to do a few basic functions and does others poorly. Your money is best spent on other convertors, such as PhotoGene, my go to iOS app for Raw conversions and editing on an iPad.
Jeff Donald about PhotoRaw