I'm quite impressed with the Flipboard app.
http://flipboard.com/
Looks fab on the iPad and works on the iPhone too.
It allows you to pull in stories/news/pictures from your social network accounts and also news sites such as the Guardian, BBC etc... and lots of other different types of content in an intuitive flip board magazine format - its basically like flipping through an electronic magazine but you can control where the app gets its content from.
iPad app of the year 2010.