Well, given the fact that the iPad runs a modified version of iPhone OS 3.2, I would say that coverflow is there. You will likely have to rotate the iPad and Apple might give an option for it without rotation (since the iPad's screen is big enough for this).
Nothing concrete is known about the iPad except what Apple released during the keynote. The device is still over 30 days away from a release. More information will be known about it as we get closer to the release date (which still isn't known).