I just briefly checked this out. Seems like you can only have one iPad linked/registered to their TV tuner. It also appears to have a built in telescoping antenna. Not sure how much of a range you get with that. And as for internet TV, it just links you to sites like ABC, CBS, Food Network, etc. where you would have to sign in with a cable subscription to watch anything live. The video is a bit misleading stating there are no subscriptions to be able to watch all local TV and TV available on the internet. So nothing new / innovative unfortunately.
I prefer the HDHomeRun products for the OTA TV tuner and then software such as EyeTV on Mac or InstaTV iOS app. I have 2 of the older HDHomeRun tuners (HDHR3-US) bought for about $35-$40 on eBay. I connect them to a flat antenna with a 50-mile range and pick up all local OTA channels for free. The HDHomeRun units have 2 tuners in each so 2 people can watch TV at the same time (or record a show running software on your Mac / watch a channel on your iPad / iPhone).
They also have the Channels app for the new Apple TV that connects with your HDHomeRun unit. It costs $14.99 (but going up to $25 I think soon). You can then watch your OTA channels for free on the Apple TV.