I loaded a fairly complicated model, 25Mb, up to the 3D Warehouse, set privacy to Private. It took a bit of time for the 3D Warehouse to regurgitate it and send it to the iPad but when it did it looked very good. Basic views are provided plus my saved views, unfortunately the save views do not show the sections or visible layer only, just the complete model. Orbiting with one finger, panning with two fingers and zooming in with a pinch (which could be more fluid).
For version 1.xx it is very good and deserves 5 stars, less 1 star for the zooming and it would be nice if the saved views could show the sections and layers as per the model, room for improvement.
Note: to view your model it must be uploaded to 3D Warehouse, not Dropbox or another source.
Yodarick about SketchUp, v1.1