As a relatively passive Facebook and Twitter user, Flipboard is an amazing application for displaying the content shared by my Facebook friends and people who I follow on Twitter.  Flipboard takes photos, videos, articles, and small updates and displays them in a elegant magazine-style format.  In addition to adding your own Facebook and Twitter sections of the magazine, you can also add other lists and sections curated by others. 

I imagine that in the near future they will add the ability to post items through their app (e.g. status updates, photos, videos) directly from the iPad.  However, even without this feature this app has been one of my favorites thus far for the iPad. Check out Flipboard's promo video on their website.