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I just sprung for the app (hint: go to Dick Smith electronics tomorrow and buy yourself some iTunes $50 cards while they’re selling them for 20% off retail!), and while I agree it is expensive, I also agree with Stix who mentioned he’s got lighting apps that cost this much and are worth it… I’ve been playing with it this evening, and while it doesn’t do absolutely everything that the editor or surface does, it’s pretty damn close!
I run my system without a surface, and to get a 16 fader control surface for the cost of a base model iPad & this app it’s money well spent.
I’ve checked out Yamaha’s M7CL app, and A&H’s app is in an altogether higher league – this you can actually mix a whole show on (the only limit to real time total control is lack of FX editing, let’s hope that’s coming!), including very comprehensive mix management – something the Yamaha app will never have because the desks themselves simply don’t have the onboard options that the iLive has.
Sure, it’s $100, and I’d prefer to spend less, but in the context of a system which costs significantly less than much of the competition, and with a company which has implemented damn near EVERY user request for features in this app I’m willing to fork out for it (remember, they have a very limited user base to sell to, it’s not like it’ll be competing with Angry Birds on the app store rankings, so they’ve got to pay for the R&D to make this immensely powerful app).
Wait for some of the user (and maybe video) reviews to come in & think again if you can justify the outlay….

iDR32 mixrack
Asus N61 Laptop (x2 wireless)
Sennheiser IEM (for PFL)
Dante card (soon!)