Microsoft working on Office for iPad?

With typical cat-like speed and agility, it looks Microsoft's Office team might finally be ready to pounce on something iOS -- namely the iPad. Quoth The Daily:

According to sources, the tech giant is actively working on adapting its popular software suite for Apple’s tablet. [...] It’s assumed that both of these would work with Office 365 as well as mobile versions, such as Windows Phone’s Office Hub. Because it would be compatible with these full suites rather than as stand-alone apps, the pricing will most likely be significantly lower than existing Office products. In fact, it’s likely the cost will be around the $10 price point that Apple has established for its Pages, Numbers and Keynote products.

No word yet on timeline. Would Microsoft really launch Office for iPad before giving Windows 8 Metro slates a chance to compete using Office exclusivity as a draw? Maybe. They did license away ActiveSync after all.