The processing power is there and software developers have stepped up with some really solid DAWs and effects units and processors. You can literally do pretty much every step you need to do. ITS A COMPUTER.

that being said, everybody aint Madlib, and working with the iPad is kind of a pain in the ass if you don't already have hours producing in the books or you dedicate yourself to learning a workflow for the platform.

The types of beats he makes work really well on the iPad. There's no shortage of samplers.