... but you know you want it!
As of yet we don't know enough about the graphics processor in the iPad to say anything about the possibility of an SL client app. Apple is designing the chip-set themselves, and they have not told anyone if they have found room for 3D hardware rendering with OpenGL drivers. But since even some Mini PCs that Jobs despises so much can handle SL, we can hope!
Update: Rumours have it that the chip inside the iPad is based on the PowerVR chipset, supposedly exceeding the OpenGL 2.0 specs. Cool!