it looks great. Does it work in both directions? Faders on the iPad get updated when you move a parameter with the mouse/other controller?
Software like that really make me think about purchasing an iPad. Especially when there'll be one app for the Mg Modular V.
I've been using softsynths more often in jam-sessions lately, and there really is a need for a hardware MIDI-controller. If there is none, such apps for the iPad could really fill the gap.