It is possible to create applications for the iPad using Tersus. I'm aware of at least one such application in use in an enterprise scenario.
You'll need to base your application on the iphone/mobile templates and override certain style defaults in order to take advantage of the higher resolution. For details on controlling and overriding style, see here.
If you wish to create an application which supports both iPad and iPhone/iPod, you can do so using CSS Media Queries, adjusting the style for the differences in screen resolution.
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