Auria is a 48-track iPad music production app which, with USB audio interface, enables you to record up to 24 tracks.
There's multitrack editing, AAF support (so that you can move session files to your main DAW) and VST plug-in support.
Plug-ins have to be put through a sort of iOS wrapper, then paid for as in-app purchases, though. Don't expect to transfer your plug-in collection to your iPad .
Auria comes with a PSP Audioware vintage-inspired channel strip on every channel, and a convolution reverb, stereo chorus and delay, classicVerb and pitch processor will also be bundled.
Plug-ins by PSP Audioware Overloud and Fabfilter will be available as in-app purchases, and Wave Machine Labs announced that they are trying to develop the VST standard across the iOS platform.
Release date is expected to be Q 2012, with a $50 price point. Plug-ins should cost $10 to $20.
For more, check out the Auria website.