I used to use only Garageband on the Ipad to record and add effects. Once everything was record and sequence like I wanted, I then export the whole project into Logic to do the final mix. Garageband on the Ipad is an awesome app for recording and they have quite pedals effect if you need them and more than that, it's very user friendly....
You can hear how it sounds like if you go on my souncloud account and listen to a few tracks....they are all done like I just explained....
So the Ipad is a very capable tool for recording, effects.....