Avici Software has released an app called Whiteboard HD. It is new multi functional and interactive app designed for the iPad that allows users to make freeform drawings or manipulate pre-drawn shapes and lines using standard multi-touch gestures; dynamically place and orient labels and text boxes and select from grid or lined template backgrounds. The app can be used in boardroom, work group and classroom environments.
You can even import images and diagrams from the iPad photo library. The whiteboard content can be saved to the app project manager or shared via e-mail. The app costs 10 dollars. [link]