Developer SS Series has released a new mobile DAW for iOS, Smart Studio.

Smart Studio includes a digital sampler, drum machine and mobile recording studio. 

Features:

• Recording Studio
• 4 Track Recording Interface + Instrumental
• Sample Recording / Full Length Song Recording
• Universal SoundBank
• Sample Bouncing
• Volume Mixers
• Latency Detection/Compensation (within 1ms)
• Audio Import/Export
• Lyrics Notepad
• Album Cover
• Audio Bouncing for Infinite Recording Layers
• Sequencer (Beat Machine)
• 300+ Drums and Samples
• Universal SoundBank
• Loop Bouncing + Live Automation Recording
• 16 to 64 Steps (4 Bars) Looping
• Latency Detection/Compensation (within 1ms)
• Adjustable Tempo (50-200 BPM)
• Adjustable Pads for Independent Volume Levels
• Adjustable Pads for Custom Time Signatures
• Mono/Poly/Gate Settings
• Volume mixers
• Audio Bouncing for Infinite Track Layers
• Wifi Import/Export
• Digital Sampler
• Dynamic Touch-Play Interface
• Universal SoundBank
• Audio Sampling/Truncation
• Pitch-Shift
• Automatic Cue Detection/Cue Movement
• Wave Visualization
• 7 Zoom Modes
• Granulation scratching
• Realtime Recording of Automations
• Metronome
• Audio Store
• 150+ drums and samples
• Sharing
• Wifi exportation

Smart Studio A is US $14.99 in the App Store. See the Smart Studio site for audio demos.

Note: It looks like this is designed for iPhone/iPod touch, but compatible with iPad.