S4-Pad universal arrives

I'm not sure what to make of this app, I do like the look of the interface though:

All you need to do is import your favorite music from iPod music library, various audio files, etc., and tap the pad!
According to your preference, you can use S4-Pad in many ways such as the following:

• Making sound effects
• Using as drum pads
• Using as an acoustic device in stage

Features:

• Available 256-patterns audio files (16 pads x 16 banks. For iPhone and iPod Touch: 9 pads x 9 banks = 81 patterns)
• This app allows you to make backup/restore 256-patterns audio files up to the limit of your storage device.
• Each pad allows you to...
• select three patterns of Play mode
• trim the position to play
• set loop mode
• set fade-in, fade-out (Only when loop mode is invalid)
• set volume and pan
• set Mute Group
• You can import various audio files from iPod music library and iTunes. In addition, you can import audio files from AudioPaste into pad.
• Each effect
• Reverb, Delay, Distortion, Low Pass Filter, Varispeed

The app is priced at $1.99