It's not meant to completely replace the Connection series... as most of us have mentioned earlier, the L.i.f.e. app is doing exactly what the P1/G1 version does.
(Sorry. I just had to throw that meme in there. In my own way.)
On the other hand, Bandai has said that there will be updates to the app as time passes, so who knows what they'll add. I'm guessing we'll see most of the vintage Tamas represented (We probably won't see the Mothra, Tamaotchi, or Genjitchi here due to necessary licensing and whatnot). I'll be pleasantly surprised if they add more characters from the current era and / or connection features and whatnot.