It's a neat idea, but this begs the question -- what took so long? This sort of dock makes sense, especially for those who get a lot of use of the iPad in the bedroom, or even in other rooms such as the kitchen. I'm surprised that iHome did not announce this months ago.
No price or release date was revealed, but the company's price range for similar models for the iPhone start around $80 and average around $100. Given the Bluetooth connection, I wouldn't be surprised to see this clock priced around $150.