"Feature complete" is subjective. Facebook has had the option of scaling the iPhone app to the iPad resolution and releasing it with feature parity for probably at least a year.
Of course a better iPad experience comes from an app designed for that form factor but there's nothing to stop you releasing one version and then iterating on it.
So one can quite reasonably argue that Facebook has been holding back the iPad app, which raises the question of why.
I can't believe Apple doesn't want this app released given the popularity of Facebook. The original version of Ping was also integrated with Facebook that was pulled at the last minute due to "onerous terms" [1] (according to Steve Jobs).
The prima facie evidence is that there is some kind of tussle going on between Apple and Facebook. Perhaps Facebook's "onerous" terms included demands on the iTunes service and Facebook integration (which is lent more credence given Facebook's recent moves into music)? Perhaps Facebook wanted Facebook login to iTunes and other Apple properties? I don't know.
What I suspect is the iPad app is another bargaining chip.
To argue it's not "feature complete" is disingenuous. This is a subjective measure of simply deciding "that's enough".
[1]: http://news.cnet.com/8301-13579_3-20015402-37.html