While it will run on the iPad, it doesn't use new layouts. The iPad 3 will use the Retina graphics. We are working on new custom layouts when we detect an iPad. That version is not in the build yet.
I guess it should say 3 as well on the iPad. I have been working on the code and have got the code back down to OS 4.2. For a time we moved to OS 4.3 for certain features. We'll see how things go with the code and if we will keep it on 4.2 for the next release.