One thing you can be sure of is that very soon there will be a deluge of applications for the Apple iPad - and quick off the mark with a sound recording application is Sonoma Wire Works, with their application StudioTrack

This is what they say about it:-

StudioTrack is a powerful songwriting tool for musicians who want to capture musical ideas and record songs on the iPad. Every channel includes a reverb send and a configurable effects rack. Effect options include a delay, EQ, and a compressor.
The master channel has a Reverb Return knob as well as a parametric
EQ and a stereo master compressor-limiter. StudioTrack multitrack
recorder for iPad, developed by Sonoma Wire Works and Retronyms, is
now available on iTunes for $39.99.

StudioTrack Features, Images, Video & Support:
http://www.sonomawireworks.com/iphone/studiotrack

Sonoma Wire Works Social

• DrumCore Updated 13-Feb-17
• DrumCore 4 Ships 02-Sep-16
• NAMM 2014: Sonoma Wire Works Unveils DrumCore 4 24-Jan-14
• Metal Song Contest 08-Oct-13
• Connect Your Guitar To Computer And Mobile Devices 28-Aug-13