I've had one very poor experience using expensive things on the toilet.
Upon completion of the deed, pulling up my pants, the strap came off the guitar I was playing and it fell about a foot to the hard tile floor. The neck cracked wide open and I cursed intensely.
Luckily with some wood glue, clamps, and sandpaper, it survivedthe neck is actually surprisingly straight still.
Since the iPad doesn't have a strap, though, I think that I should be fine on this one. I plan to have it with me everywhere, bathroom included.