You read the title correctly. Furthermore it is a truth -- at the 20th Anniversary for Photoshop the iPhone app was unveiled by Dr. Russell Brown of Adobe.

Development on the Corona SDK “The function of the app is to load any photo from your iPhone library, and then manipulate it using any aspect of the original Photoshop 1.0 ‘Levels’ panel (which lets you adjust white point, black point and gamma, in separate red/green/blue or combined channels) ? including the original image histogram feature. You can then save the modified photo back into your iPhone library.”

Detailed information available on the Ansca website.