Version 1.2 of djay for iPad is the first update that offers improvements only available for iPad 2 users.
These include the introduction of supreme quality Time-Stretching (Key Lock) and an improved higher precision audio analysis.
The first lets a user change the tempo of a song without affecting its pitch. The second is said to improve syncing, BPM detection, beat-grid, and waveform precision.
Another feature, Loop / Cue snapping, auto-aligns to the closest snare, base drum, etc.
Improved playback of recordings and other minor tweaks for all iPad models are also part of the update.
Check out this video:
The djay for iPad app is $19.99 in the App Store. Updates are available for free via iTunes for existing customers.