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I am a Twitter addict and the newly released Tweetbot for the iPad is my favorite client. The clean interface uses swipe gestures to facilitate working with tweets and following a lot of timeline updates. I love this app.
$2.99 in the App Store
Zite scours the web and builds a lovely news magazine consisting of the topics that interest me. It is customizable to present most any topic, and learns over time what news the user most wants to see. I run Zite several times a day to keep up with news, without fail.
Free in the App Store