I've been playing around on it on a xoom at work today. It's mostly an viewer with some basic editing options. The web interface on the autocad ws site has alot more options for editing and changing the file.
From what I've seen, you can't make new drawings, only edit existing. You can draw line, polyline, squares, and circles. You can choose colors, and select layouts. Thats basically it.
I was really hoping/expecting to see all the options that you can on the web interface. But as today's the first day its been out, its not bad start.