I bought both the iPhone and iPad versions of the app. Like the paid apps, the Universal Lite app has a Backup and full Restore function, but no true syncing across iOS devices, let alone automatic syncing (like Day One and many other apps do.)
If you make any updates on both iOS, you will lose the updates on either your iPhone or your iPad upon doing a Save to Dropbox and then a Restore from Dropbox on each device.
This means to keep the app on each device in sync, youd have to save to Dropbox after each contact update, and then restore from Dropbox on your other device before making any updates on that second device.
I havent used the app enough to comment on the the complaints about the handling of locations and reported app bugs. Giving two stars for now.
Ive requested auto sync functionality of the developer.
NiceIdeaToo about Contacts Journal CRM Lite