Recording audio is a great way to put your iPad or other iOS device to use. Depending on what your purpose is, you may have much different needs than the average user. Even if the biggest selling point for an audio recording app for you is its price, there are plenty of options. Sites like Soundcloud and Audioboo have their own recording apps.
You can read about some of the app options here: http://www.educatorstechnology.com/2013/01/5-useful-audio-recording-ipad-apps.html