What is the confusion? There is a bug in the one playlist, but otherwise they work.
Honestly, Match is one of the best software updates Apple has released in a long time. The major problem I've long had with iTunes was that it was so restricted to a single computer. Home Sharing fixed that to some extent on your local network (and was quite useful with an Apple TV or Airport Express and AirPlay), but Match really takes that to the next level, making all devices and all computers stay in sync with one master library accessible from anywhere.
Other than some bugs, which are to be expected from a service launch of this magnitude, the only real complaints I see is the lack of true streaming from ios devices (streaming works from iTunes) and the loss of genius playlists on ios devices. I suspect the former isn't so much of a problem as we make it out to be, in that if we just listened to our music and kind of forgot about how it worked, it'd work just fine. And the latter I would expect to see changed in a future software update.
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it's there on my iPad. At the bottom of the playlist, right in the center.