It's faster in almost every way.
What shocked me is how much faster it downloaded magazines. I'm not sure if that's the iPad2 performance, a recent update to the app, or possibly improved network performance/reception with the iPad2, or has nothing to do with my iPad and is something that's changed in my home wifi or internet connection.
Sharpening a page is near instantaneous now. Literally, by the time the page slides over, it's sharp.
Transitioning between mags and the library is instant as well.