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According to the company that sells it, Mervis, the "diamond-studded iPad features 11.43 carats of diamonds, hand-set in a micro-pave styling. The diamonds are graded G/H in color and VS2/SI1 in clarity." Let's just sum it up with the word "expensive."
Honestly, we have no idea how well these things are selling, but every time a new gadget appears, a gold/diamond version pops up somewhere really soon, so there's obviously a market for it. If you're interested, you probably don't have to ask about the price, but here it is just for completeness' sake: $19,999.