The web app looks like a mix between the HTML5 mobile Twitter website and the regular Twitter desktop website. It has started rolling out yesterday and should be available to all iPad Twitter users within a week. With iOS already having a fully functional native app available, one must wonder why anybody would want to use this version of the app (no push notifications, camera integration etc). Perhaps it will get better in the future. I guess if you ever borrow a friend's iPad to use Twitter on it, and he/she doesn't have the app, you could use the web app for your Tweeting needs.
Visit the mobile Twitter website on your iPad to access the new HTML5 web app.