New to the world of iPhone land (and now iPad world) in a sea of apps, there are definitely busts and winners.
One of my favorite applications that I have found and love in both the iPhone and iPad version is flipboard.
I started using Flipboard on my phone a few weeks ago, and now when I received an iPad for a gift, quickly put it on the iPad (the format it was initially designed for).
The app takes information from social media (including your own twitter/facebook feeds, as well as scrolling through categories, apparently adjusting content by what you view, retweet, etc).
Praise for the app is old news (it was apple's app of the year in 2010), and it's been a favorite - not to mention, as you will see in the example above with my RSS feed on flipboard, everything looks beautiful, crisp & clean.