Possibly. According to Create Digital Music they claim to have a source who is confident that the upcoming Apple iPad accessory adapter for cameras, the iPad Camera Connection Kit, will support audio interfaces that are compatible with the USB Audio Class.
If this is proved true then that really opens up the device for some very cool music creation.
Already developers are creating some very cool Apps to deliver quality audio and music apps for professionals, the Apple iTunes Store is listing around 30, with at least 10 serious contenders.
More to follow.