I don't believe this is intended to be a consumer level product at all. In that sense, it's not an IFTTT competitor. Given it's got implementation points to Sql Azure, Azure Blob storage, swagger, etc. this is likely meant as a product for devs to use to hook-up integrations.
Following on the heels of this will be Azure's Functions (Serverless/Lambda) architecture, which will overlap some things here (for devs).
Logic Apps and Flow are done by the same team, actually, so that's no surprise. Logic Apps is for "Azure" users, which is mostly IT Pros and Dev. Flow is intended to compliment Power Apps. They can both be built by users aren't necessarily pro devs, but can use a drag-n-drop interface for configuring things.
Functions are code driven by events. Logic Apps are workflow driven by events. You can actually use the two together, which makes for some cool scenarios.
I'm in the Bizspark++ Program -- and I've had a blast playing and learning with all of the Azure products -- and I'm really looking forward to seeing improvements on Python and Bash functions.
Keep it up, I'll be stalking your documentation updates :-)