It might be more effective to start with iPads outside the classroom, not inside. Inside the classroom they have access to a teacher. No current or near-future technology is going to be able to replace the benefits of a teacher.
But at home, many kids are stuck with boring paper homework assignments and static, old (sometimes 10+ yr) textbooks. If we replaced paper homework with interactive questions, and textbooks with engaging iBooks (or other iBooks like) textbook[1], that could make a real difference.
Apple had created great interactive textbook creation software, and it seems great paired with iTunes U. However, there don't seem to be great books coming from it. Apple probably should have made many demos (instead of just 1) to give educators and the public an idea of the potential interactive homework and textbooks could have on student engagement.