I wish they would enable HDMI input on the iPad. It would be much more useful than using an app like this and latency problems should be removed.
It could also make a great field monitor. Not for critical use, but for times that you don't want to carry your atomos, or small HD with you but you do have your iPad in your bag anyway.

I use an Asus 17" 1080p USB monitor sometimes with my MacBook Air when I'm editing RED footage (I know, right?) on the road. It's laggy, be aware. I bet this one is, too. So, you need to use your main screen for playback, and the side screen(s) for bins, tools, etc. But it is kinda cool.

I'm happy we returned our Bolt 500 last month. I'm usually the guy who just bought the expensive toy when it's replaced with a much-less-expensive version.