No flash plug
QuickTime (MP4) | iOS MP4
This is a taste of things to come - those clever boffins at Wave Machine Labs - they brought us Drumagog and other nifty software, have been working on this concept for some time. Now that iPad power is sufficient to bring their vision to reality, the new Auria 48 track DAW system is imminent.
With channel strip processing provided by PSP AudioWare, there's full DAW editing and mixing capbilites. Heck, with the right class compliant audio interface, Wave Machine Labs say they that it is possible to record up 18 tracks of simultanious audio right onto the iPad...
Still under development, but they say it should be coming in a couple of months at $49.