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:
Prototype shows plenty of display area and meter bridge
Justin Owen gives us an in depth look at the multifunctional module
The winner of the most creative module at NAMM gets updated