Hey Starise,
I have been toying around with both Auria ($24.99 on sale) and Cubasis for my iPad recently. I am really intrigued by recording live using the iPad. The software is good enough.
So for $35, I now have Auria with the mic. How cool is that?
I bought a Steinberg UR-44 that syncs with my iPad and for simple voice or stereo recording I now have this really inexpensive stereo mic. I now it will sound better than the built in mic on the iPad. This technology is amazing.