Unfortunately, while the Digital Director system allows you to control your DSLR remotely, it does require a tethered connection between the camera and the iPad. However, if you're willing to look past that one caveat, the system does look intriguing. In addition to using your iPad as a viewfinder, the Digital Director app allows you to track and tweak all of the camera settings that you would expect such as ISO, focus, aperture, and shutter speed.
As awesome as the system looks, the Digital Director setup is clearly targeted at the professional crowd with a price to match. Targeted for a June ship date, the system will cost a cool $500. Still, if it performs well, this could be an attractive setup for serious photographers.