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Well, it's a bit of a deja vu. When OF came out for the iPhone it made me scratch my head for a while, then eventually I bought it.

This time around it simply won't happen. I think the added benefit of having the iPad in addition to the Mac and iPhone I already have for OF is not in balance with its price. If it had been another $5 ok, but not like that.
Also one needs to see the context that OF is not likely to exist stand-aline on an iPad, you will usually have at least a Mac with another paid copy.
I also find an iPad/iPhone universal app would have been much more elegant.

Anyway, I hope you guys have thought through the part of the market you want to cater to, the risk of alienating users and the opportunities you create for the competition.
I for my part won't buy it and I certainly won't recommend it at this price point