It seems like a rushed and hacked version. Doubtless they will fix the situation, but I would be very upset if I'd bought an app and it ran this badly, especially considering the graphically lavish games that can run fine even on older iPads.
Especially if you want players to be able to hook up and play the game, you want rock-solid performance. No mess, no fuss, minimal delays.
I wonder if they will end up removing camera rotate so they can strip some faces out of the models?
It occurs to me that LOS has an advantage in that it has a greatly expanded universe of models, abilities, and factions that could be brought in if the initial release proves successful. This would allow incremental additions to the gameplay over time, like Phoenix, which lets you unlock new ships, to change the play style, for a few dollars.