Just a few short days ago, iPhone Dev-Team member MuscleNerd demonstrated an initial porting of the Spirit jailbreak by @comex to the iPad. Now George Hotz (aka Geohot) is working on his blackra1n software to jailbreak the iPad.
Seen in the blog photo are blackra1n and Cydia icons (as some have pointed out, probably just a mockup) on Gehot's iPad screen. Proving that he's making progress, Geohot posted keys for the iPad 3.2 firmware and bootrom on his blog with a one-line comment reading, "This is more exciting than a lot of you realize." Only a day later he revealed that "verbose iPads look cool" and tweeted the picture below.
The iPad normally won't describe in textual detail everything it's doing after you turn the machine on and it starts to boot up. When and if blackra1n is released, users who choose to jailbreak their iPads will be capable of running a variety of hacks and software independent of Apple's oversight.
Apple has not made any official comment on the matter of an iPad jailbreak. Also no word yet from Geohot on a public release date for blackra1n.
Examples of fun, illicit things to do with a jailbroken iPad are already appearing online. ZodTTD's Nintendo 64 Emulator app, N64iPhone, is shown here running on a jailbroken iPad. Retro gaming emulators will be much easier to play on a larger screen.