The details are scarce for now, and even Adobe admits the process is "still in the early stages." The company did say that it's "reimagining the Illustrator experience," which includes leveraging the "unique capabilities" the iPad offers -- things like touch and the Apple Pencil. Adobe says what you create in Illustrator on the iPad will be available on your desktop thanks to Creative Cloud's storage, similar to how Photoshop and it's other mobile apps work. The company says you can also expect to work in Illustrator "with no loss of detail and precision," and that for "many" of the designs you create, you can start and finish on the iPad.
Like it did for Photoshop, Adobe is redesigning the interface to save you time, and make the software "easier and more natural to use." Lastly, you'll be able to employ a lot of the features that make tablets convenient, including the camera. The company says you'll be able to snap a picture of a sketch and Illustrator will help you turn it into vector art.
Illustrator for iPad is currently in private beta, but you can sign up here to learn more and request early access.