Yahoo! has announced that it will be launching an iPad application that could rival the recently launched The Daily.  Coming in the first half of 2011, Livestand will be available for the iPad and will deliver news personalized to your interests, location and even time of day.

Livestand will take the form of a highly visual magazine. Yahoo! will use the app to entice advertisers, by offering ads within the digital pages. The ads served will include media rich interactive content that can even be based on location. We assume the ad revenue will enable Yahoo! To deliver the content as a free app without subscription, this has not been confirmed.

Livestand should be available for the iPad in the first half of this year and will include Sports, News, Finance, Flickr and omg! content.

Would you be happy to have ads in your daily news paper if the content was good enough and the app was subscription free? Let us know in the comments!