Microsoft has unveiled an iPad version of its popular OneNote application. The app is free, although it does come with limited functionality.

Nearly 12 months after the release of Microsoft OneNote for the iPhone/iPod touch, a tablet version is now available in the App Store. Microsoft OneNote for iPad allows you to access, create, and edit up to 500 notes. Once you reach this limit, you can still view, delete, and sync your notes online at http://skydrive.com.

Microsoft OneNote for iPad

Microsoft OneNote for iPad

For an in-app purchase of $14.99, you’ll receive unlimited notes. This suggests that Microsoft’s rumored introduction of Word, Excel, and PowerPoint on the iPad could also arrive at the $14.99 price point. An earlier report suggested Microsoft would set these prices at $10 per app.

Microsoft OneNote for iPad opens notebooks created in Microsoft OneNote 2010 or the OneNote Web web.