Currently in prototype stage, Junior is probably the simplest iPad browser we've seen, reducing the UI to only a couple of buttons -- a back button and a plus symbol that lets you access bookmarks, recent pages and a URL/search bar.
The main idea behind Junior is reducing the clutter -- the browsing experience takes up the iPad's entire screen, and even the tabs are gone. However, those two main buttons can be expanded to reveal other functions, such as reload or print, while other functions can be accessed with finger gestures.
The browser is still in early stages in development, and many functions are missing, so don't expect to see it on your iPad very soon.
Check out a video presentation of Junior here (the Junior part starts around the 30 minute mark in the video.)