Ryan Petrich's latest utility for jailbroken iPads just hit the Cydia store. DisplayOut for iPad sells for US$1.99. It allows you to mirror the iPad's screen out to an external display via an attached VGA or component/composite cable. Similar to earlier iPhone solutions like TV Out and ScreenSplitr, DisplayOut extends video out to the larger iPad screen. DisplayOut provides a great way to create application videos. It supports both in-app and Springboard video, so you can record complete sequences including application launch and run time.
If there is any negative to the application, it is that the video doesn't quite fill the screen, and I couldn't find a way to increase the screen size; that's why the video on the Magic Window review appears on the small side. Positives include the excellent Settings integration. You can easily enable and disable video mirroring with a simple switch change. An adjustable refresh rate lets you increase video quality, albeit at the cost of more system resources. I found that some applications slowed down exponentially as the refresh rate grew.
All in all, DisplayOut is a great little utility for anyone who has a jailbroken iPad, a video cable, and a desire to display or record iPad action. Note that you will need a recording device on the other end of the cable (VCR, DVD-R, or a video in device for your computer) to capture videos.