Well, those are different concerns than expressed originally, though I think you may be missing the intent of the app (and of the iPhone's place) in this instance. As I see it, the app is, like the iPhone, an extension of the "whole thing." It's not meant to replace LinkedIn (web), like the iPhone doesn't replace a desktop or notebook machine, but extends their usefulness to a more portable form.
In that extension, I neither need nor desire the full set of features; I have the regular version accessible from a browser (which I suppose I could do with the iPhone, but my eyes wouldn't tolerate it
). Actually, compared to most mobile/WAP versions of things, LinkedIn is pretty darn sweet. The regular version is too cluttered & busy for my tastes, really.
As far as profile editing, I don't see a need for it. Once I had my profile complete, I think I've edited it once since in a year's time. It's not the kind of thing that requires constant touching.