I just got my iPad 3 (The New iPad) in the mail and went outside to test the 1080p video capabilities. I used the FiLMiC Pro iPhone app on the iPad 3 and it seemed to work. I shot mostly at 23.98, but for some reason FiLMiC Pro gave really odd frame rates like 23.88 and 24.03. Probably a compatibility issue. All shots were handheld.
I then took the raw footage from the iPad 3 and edited it in Premiere Pro CS5.5. No color grading. Because all the frame rates were strange, the playblack was choppy. But once I rendered it out, the motion appears to be normal 24p.
Exported in Pro Res 422 1080/23.98 and then compressed for web using the Youtube preset on Apple Compressor.