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With the Nvidia dual-core processor and their graphics card experience, I think that for gaming the Transformer should wipe the floor with the ipad.
The iPhone/iPod/iPad's A4 kicks the Snapdragon 8255/8655 butt, but the Tegra 2 spanks the A4 real bad. The A5 dual core though is about 10% betterpower overall than the Tegra 2. Per benchmarks, so who really knows? I mess with both a LOT, so call them equal.
jailbreak for ipad2 wasn't available last time I checked
Tegra 2 is superior, the iPad only wins at irrelevant tests. Tegra 2 gets speedier performance.
The transformer is better. I've seen two reviews that compare them.transformer comes out on top on both. Even jon4laker's review proves that. Theres nothing the ipad beats the transformer in except for a few useless fart apps.
Oh did I mention the better screen on the transformer and the actual multitasking?

I like the idea of iPad now, Android something in a year or two. Let the Andriod tablets mature a little. The iPad will retain it's resale value. Play now and play later without a huge loss of cash.
imo tablets aren't something I would sell back. The Ipad 2 might have great resale value, but the thing about Ipads are they get out of date real quick and selling it back every year just to get a new one isn't worth the $100 or so I would lose selling it. That goes with anything apple. I paid $400 for my transformer, and I plan on using it for a couple years to make it real worth while.

Real quick? Only 2 have released, with about a year in between. And these recent HC tablets will probably be 'out of date' faster, with Tegra 3 coming this year. And you don't have to resell 'anything apple' every two years.
ASUS planning quad-core Tegra 3 tablet, yet another Intel slate -- Engadget