This is one of those products that I'm not exactly sure what it would be used for, but it's really cool. If you've ever had the desire to record, mix, edit and render out 48 tracks of audio on your iPad, your wish is fulfilled. Auria from WaveMachine Labs will let you do all that and more. With "vintage inspired" channel strips and the ability to run VST plug-ins (some restrictions apply), it's a pretty complete package.
As an iPad, app, it's pretty amazing. It's very responsive and when I played with the tracks they had loaded up, it sounded really good. I tweaked the EQ and comps and was pleasantly surprised at how good they sounded. The demo was running a full 48 tracks on an iPad 2 and it felt very responsive.
The interface looks fantastic and certainly has that vintage feel. An iPad 2 is recommended, and iOS 5 is required. Using the Apple Camera Adapter, you can use quite a few class-compliant USB audio interfaces to get audio in and out.
Like I said, I'm not sure why you would use this instead of Reaper, Logic, ProTools or any other DAW, but isn't it nice to know you can if you want to, right?