you cant do much on the ipad version, although you can still plug in and record.
It also has a few loops and i mean a few, these loops are something like 2 piano,2 drums etc etc
your better off getting a macbook, even the cheaper ones will do the trick if your just going to use it for home recording, nothing major.
also, getting the garageband/logic pro has loads of loops you can play off, edit scores and what not, also can transcribe some of the funky basslines on there