From Introducing the iPad Edition of The Times, a post on Times Online:
Times designers have worked to make best use of the iPad’s touch screen, its brightness, and its portability. The result is an electronic newspaper that you can browse through, read from end to end or speed straight to your favourite part of the edition. The experience combines the accessibility, graphics, sharpness, and cleanliness of a digital product with the traditional feel of the paper. You can enjoy the variety of The Times, in the same way that you have always enjoyed it in print, but this edition you can download on to a neat device and read it wherever you are, without having to be online.
The iPad edition of The Times will also feature spectacular interactive graphics, picture galleries, and, of course, video. In other words, it will be the newspaper but, we hope, even better.
A Times spokesperson told paidContent:
The Times iPad edition is a separate product to the new Web site, which is why it is priced differently. It is an edition of the paper edited and developed specifically for the iPad, which can be downloaded and read offline, for example.