Songwriters rejoice...just announced 1 minute ago:
Apple - iPad - From the App Store - Play and record music with GarageBand.
Live coverage:
Live from Apple's iPad 2 event -- Engadget
-touch instruments
-guitar amps and effects
-8 tracks
-loops
-compatible with Mac version
"The first thing you see is an instrument browser. They turn the iPad into a musical instrument that you can play where ever you go. Here's a grand piano... and it's not just a grand piano. Clavinet, some great synths... let's stick with piano."
"There's a toggle for the sustain pedal. "Another thing about a piano is that you can play with dynamics... the sound is different when you tap softly or with force. How do we do that? With the accelerometer."
10:54AM "Some great sounds here. Let's bring up the classic rock organ. The look changes to match a real B3 organ." Ooh, sounds good too! And drawbars... and speaker rotation. Sounds very good."
10:55AM "Let's bring up 50's scifi... here's something you can do on the iPad that you can't on a real keyboard." Wow, you can slide your note up along the keys, but also tweak vibrato as you slide your finger along individual keys."
10:55AM Demo'ing drums now. Ha! It looks like a drum kit from the dummer's view.
10:56AM "Another great feature of these drums is that your kids can play them... with headphones on."
10:56AM If you hit the rim of the snare you get rim sounds, you can move from bell outward on the cymbals and the sounds change accordingly.
10:57AM "We've got great guitar amps and effects... but you know there are a lot of people who don't play guitar. So we created Smart Instruments. Here you see an acoustic guitar, but one that anyone can play..."
10:58AM Oh, it will strum for you as well.
10:58AM Goodbye need for talent!
10:58AM This is weird. Compatible chords are selected, and you can strum down each line to "play" the guitar.
10:59AM "Once you've laid down one recording, that's the first step to writing a song. That's where the track view comes in."
11:00AM "We will include a vintage, well maintained, all-original Neumann U47 for the first 1000 Apple Store downloaders."
11:00AM "This can record up to 8 tracks. Let's put that in perspective -- back when the Beatles did Sgt. Peppers, you could only do four tracks, and the machine was the size of a washing machine."
11:01AM "The editing of multiple tracks looks really intuitive and Steve says your vintage U47 will sound "unbelievable."
11:02AM "We can't wait to hear all the creative things people will do when they get this in their hands."
11:02AM This will be a dream come true for a lot of bands looking to do fast and cheap demos. (I'll be posting all my gear on GS Buy and Sell soon.)
1:03AM "So, GarageBand for iPad. This is no toy. You can use this for real work. I cannot tell you how many hours teenagers are going to spend making music with this." Wow, $4.99. That's kind of insane.
11:03AM Steve is out. "I'm blown away with this stuff. You know, playing your own instruments. Or using the Smart Instruments. Anyone can make music now."
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They have a thousand vintage U47s just for a promo?
just insane. Maybe the ebay market for 'em will see radical changes once the product launch is over! I bet a lot of people will go "Neumann... Behringer and $6000 in my pocket... Neumann... Behringer and $6000 in my pocket... HMMMMMM..." 
