As has been mentioned already magnets can - do actually become weaker over time.
As I'm feeling chatty, here's a couple of facts to put the OP's mind at rest.
A Neodymium magnet for instance (as I'd think it's what Apple will be using) will lose somewhere between 1% and 5% of its strength every 100 years or so - so they're probably going to outlast the iPad.
The two main factors (other than centuries of time) which can affect the strength of a magnet are heat and corrosion.
Heat is unlikely to be a factor, depending on the type and grade of magnet they easily withstand 80 - 350 degrees Centigrade (Ahem, showing my age, I do of course mean Celsius these days
)
Corrosion too shouldn't be an issue. The worst corrosion occurs when a magnet cracks and water is allowed to seep inside it. Over a period of time the magnet will rust and its performance will be lessened. Again that shouldn't be a problem, if your iPad is filling up with water - that's the bit to worry about
So, no, in all practical terms for an iPad, the magnets will not wear out. Don't worry about it.