Dennis,
Not true! Check this out (for MIDI):
http://line6.com/midimobilizer/ And Sonoma Wireworks has an 8 track multitrack for iPad:
http://sonomawireworks.com/iphone/studiotrack/ as well as offering the ability to paste & copy audio into other applications:
http://www.sonomawireworks.com/iphone/partners/ This kind of capability will really open up the usefulness of the iPad for musical & audio purposes!
Michael
[This message has been edited by ocomain (edited 04-04-2010).]