Well, I think calling Studio the Instagram of design is accurate. While this app is a great concept and can create some impressive results, it's not even comparable to actual design work done in programs like Photoshop. Much like filters slapped onto photos in Instagram are not comparable to professionally shot and edited images. It's all still fun though.
What this app will allow you to do is choose from hundreds of pre-made overlays (layers) and place them on top of your photos. You can change the font, color, size, positioning, etc. to your liking. The app features a "reuse" option that allows you to use designs (overlays/layers) other people have created and place them onto your photos as well. This is a really cool app that has creative potential for making your everyday snapshots that much more interesting. It is currently only available for iOS.
To check out this app and download it for free click here.