Following the release of iMovie for iPad, Apple also pulled the trigger on the second app unveiled at the March 2 event, GarageBand for iPad. The app is available now in the App Store at $4.99.

GarageBand for iPad features an intuitive interface depicting real music instruments you can play with your fingers and multitouch; with Smart Instruments, users who are not musicians but still want to play music can use the tools provided by the app to easily switch between chords and notes without actually having to precisely know music. For medium to advanced users, GarageBand offers a semi-professional music making and mixing environment with multi-track audio recording, exporting features, touch instruments with a realistic interface for drums, guitars, synthesizers, pianos and many more. GarageBand for iPad really is a full-functional port of the Mac version with the addition of multitouch that allows you, for example, to play instruments at different sensitivity levels thanks to the built-in support for pressure recognition through the accelerometer.

GarageBand looks like a must-have for iPad owners and an app that we’ll thoroughly test next week once we get our hands on the iPad 2. You can find it here at $4.99. Full changelog below.

GarageBand turns your iPad into a collection of Touch Instruments and a full-featured recording studio — so you can make music anywhere you go. Use Multi-Touch gestures to play pianos, organs, guitars, drums, and basses on your iPad. They sound and play like their counterparts, but let you do things you could never do on a real instrument. Enjoy a full range of Smart Instruments that make you sound like a pro — even if you’ve never played a note before. Plug an electric guitar into your iPad and play through classic amps and stompbox effects. Use the built-in microphone or a guitar to record, or capture any performance. Then mix up to eight tracks to create a song you can share.

Play your iPad like a musical instrument.
• Perform on dozens of musical instruments on the innovative Multi-Touch keyboard.
• Tap out beats from the seat of acoustic and electronic drum kits.
• Recreate legendary guitar rigs on your iPad with 9 amps and 10 stompbox effects.
• Record your voice using the built-in microphone, and apply fun sound effects.
• Use the Sampler to create an instrument from sounds you record, then play them on a keyboard.

Sound like a virtuoso with Smart Instruments.
• Tap chords to instantly create keyboard grooves with the Smart Keyboard.
• Strum chords on acoustic and electric Smart Guitars, or trigger fingerpicking patterns for popular chords.
• Groove with an onscreen electric or upright Smart Bass by tapping on chords.
• Drag drum instruments onto a grid to create your own beats with the Smart Drums.

Create a song anywhere you go.
• Arrange and mix your song with up to eight tracks using Touch Instruments, audio recordings, and loops.
• Trim and place musical regions exactly where you want them to play.
• Use the Mixer to fine-tune each track’s volume – solo or mute any track, or adjust pan, reverb, and echo.
• Use over 250 professionally prerecorded loops as a backing band to your song.

Share your songs.
• Email songs right from your iPad (AAC).
• Export your song and add it to the iTunes library on your Mac or PC.
• Send a project to your Mac and open it in GarageBand to continue refining your song.