Well, I took the hit and purchased the app for $7.00 to see what the app is all about. $7.00 is quite expensive for an iPad app, especially since I'm working with a public school budget and I'm always on the hunt for FREE or, at the most, $0.99 apps.
The Pen Tool comes with a set of 4 colors (black, blue, red, and green) and 2 highlighters (yellow and green).
The text box comes with an assortment of options, such as Size, Font, and Color. You can also set you text to bold, italics, or underline, and you can align the text within the box.
Overall, I think $7.00 makes this app way overpriced for what it offers. There are many other "whiteboard" apps available on the market, some a lot cheaper and others in the $7 range offer more features.
If you already have SMART Notebook 11 installed on your computer (which is free with a SMART board), you may just want to consider an app like Splashtop 2. The iPad app is $4.99. It allows you to remotely connect to your computer. Going this route will give you access to SMART Notebook 11 on your iPad with all the other features for a smaller pricetag.
If you're using SMART Notebook app for iPad, let me know what you think in the comments below.