The share function just gives you the ability to store or send patches via iOS's usual sharing tools. At this point, there is no user-made patch library in the app. The "Patch Pool" is where you can store your own patches, or import shared patches. The "News" section has a post that allows you to download all the factory patches, which places them in the Patch Pool. This way you can always get back to them. It's not really needed, as they never really "leave" the unit. But if you have a nice patch located on #100, and you want to load factory #100 without losing User #100, you can load any patch(es) from the pool into any starting ID on the unit.
The Effect Pool is not just a list of effects. Yes it does show you the list with some useful info. It also allows you to both FAVORITE (the verb) your most liked FX, and it allows you to remove them from your device, as well. I immediately removed Bomber, and felt better afterward.
I'll do a more detailed review some day soon.