If you can't wait for the rumored official iPad version of Microsoft's popular Office suite, then you may be in luck. CloudOn's app description suggests that the free iPad app will allow users to create and edit Word, Excel, and Powerpoint documents on the device via a cloud-based interface and Dropbox integration.
For a free app, being able to create and edit Microsoft Office documents on an iPad sounds pretty useful, assuming you're based in the United States. The app is only available in the US App Store, presumably while CloudOn monitors its cloud systems.