I think it will worth if cycling guys will invest their time for an iphone/ipad version of max. In my opinion it will a limited version with max objects, msp signals that will help you to make music directly on your ipad. For jitter it will be maybe too complicated .
Actually I think it is doubtful that they would. Max is written with a cross
platform frame work called JUCE, I don't think they will be adding iPhone
support to it anytime soon. The cost of converting this frame work and
the external library to run on a ARM processor to satisfy such
a small hardware user base makes no sense.
Forget the iPad, get an HP Slate when it comes out and you can run the
full version of Max to your hearts content.