OP: It might seem like an innocent question to you, but unfortunately it can gain traction and spin out of control. Your thread title seems to say you not only have an answer to your question, but the problem is so severe it warrants using wording such as "Attack!!". All of a sudden there's an iPad 2 "magnetgate" which has no basis in fact whatsoever. Owners start fretting over something they don't need to be concerned about in the least.
The answer to your question: no. Some basic physics covers a good part of the reasoning for the answer (moving magnetic fields and induced currents - that sort of thing). Anything further is a bit too much to go into here, except to say: the magnetic field strength is too weak and it's not changing (at least not at any effective frequency).
Another couple notes of fact:
GPS is not affected by magnetic fields. It's just a radio receiver (from a very simplistic viewpoint).
Yes, the compass can sense local magnetic fields, however there are three sensors and they can help software tell the difference between those and the Earth's (Usually. If there is interference detected, the iPhone alerts the user to put the device through motions to calibrate out the local fields. In the case of the iPad, the placement of the sensor vs. the Smart Cover magnets seems enough to prevent interference from the cover. I actually just now tested it in several mounted positions without affecting the compass app I was using. Waving the hinge under the right side will cause a deflection. Whether mounted, or unmounted, the compass has the same reading. My iPad is compass only - no GPS. The Map app on the iPhone was where I got the calibration warning. On the iPad 2, the Map app doesn't show compass heading.).
Lastly, there are no storage devices on the iPad which magnetic fields as their means of storing data.
