No TP. It's very very basic, far stripped down from normal MC. You can create blocks, punch blocks... and that's about it. No storage whatsoever. Anything you can hit, you can also create, no prerequisites.
Yes it is client/server based but the client does have to generate/render the entire world based on the info provided by the host (takes quite a while!) We just did a little experimenting... Irimar's phone (which is apparently "hosting") went to sleep and there were no issues on mine, no notification or disconnection message. I'm guessing it saves a temporary local copy and resyncs later, but I'm not entirely certain. There is an option on quit to save a local copy. If this is not done, you can't just reopen the same world without first connecting to the host.
I took a bunch of pictures of my phone's screen using my laptop's webcam; Irimar is busily editing them so they will actually be viewable (and not include bits of my head).
No promises of great quality, though--teensy phone screen and 3.0MP webcam.