It looks a bit odd, and even cramped, but with the iPad in landscape it’s fairly easy to type, and the WordPress GUI icons aren’t impossible. I can format text in Bold, or Italic. I can create a link.
A blockquote is easy too. The one possibly tricky aspect is that since most HTML tags come in pairs,you need to remember to close tags by either tapping the appropriate button whe you want the tag to close (say at the end of a Blockquote or passage of italics). The option to automatically close tags (via the close tags button) is also useful, as is the proofread button.
Inserting an image is slightly trickier; if you have a Photobucket account, for instance, you can copy a URL and paste it in, using the Image icon associated with the WordPress Upload/Insert options. Alternatively, you can insert in image you’ve previously uploaded, that’s in the WordPress Media library; you need to tap the Image icon, tap the Media Library tab, tap the image you want, then tap show, set the options you want, then scroll down to the Insert button.
It’s still easier than using the WordPress for iPad app; not as quite as easy as using the BlogPress app.