As noted by Engadget, Yahoo! nabbed the TV companion iPhone app IntoNow earlier in the year. Now an iPad version is available, and the app truly has a chance to shine in all of its 9.7-inch glory.

The app is a streamlined combination of social networking, online resources, and some kind of crazy magic. Just hit the green TV icon in the upper left corner and aim the iPad at your television set. Within a matter of seconds, information about the show you’re watching, who’s watching it, and any other online information (IMDb or Twitter, for example) are shown to you.

Backchannel with friends or other fans of the show as you watch it. There is a built-in discussion board, as well as Twitter feeds of any trending tweets.

You can sign in with either your Facebook account or create one with an email address. Considering how much information this app culls, I would recommend just using an email address.

What’s crazy is how accurate the app is at pulling up the show you’re watching. I tested the app with an episode of Futurama from my DVR. It only took five seconds of Bender whistling for the app to not only pull up Futurama, but the exact episode that was playing.

For free, this app is certainly worth a shot. Before even creating an account, you can test the app with the try it now feature. So go ahead, give it a try and let us know what you think.

Who knew such magic could be summoned by a simple green button?