We’ve heard previously that Apple is set on introducing a FM Radio.app at some point in the near future. From iFixit’s teardown, we see that the iPad uses the same Broadcom BCM4329 chip as the iPhone 3GS and newest iPod touches. That means that the iPad will also be able to play FM radio as well as broadcast FM signals (to your car stereo?) as soon as Apple enables it in its software (probably in iPx OS 4.0).
The Broadcom BCM4329 integrates a complete IEEE 802.11 a/b/g/n system (MAC/baseband/radio) with Bluetooth