I can only speak for the IOS version, but it also has a general search box which you don't get in the standard UI which only filters the results by View only.
Otherwise you get everything that you can in Theater Mode views, in a very attractive UI (either dark or light). Like Theater mode views, somethings you can't do that you can in Standard View and Vice versa. Its a little cramped in a telephone maybe but on an iPad its very nice. The Android version does not support "Assets", but I think most other functions work the same (someone want to confirm ?)
You can even tag your library from it (this is not as good as the Standard Mode tagger, especially the new tagging window), but the possibilities are there.
Just play around with Theater View, if you haven't already and you can get a general idea. I think it is superior to Theater Mode in adding to editing Playing now on the fly and accessing different zones. More ergonomic, in my opinion. 10 bucks well spent.