I would Highly recommend the Reciva Radio App. As of now it's formatted for the iPhone/touch and goes for $4.99. Because it tunes in over 17,000 Radio stations world wide it is well worth the price. Now I know it's not formatted for the iPad in HD but hey it's one heck of a Radio App. You get the same stations I do and others that own an Internet Radio which buy the way are typically between $129 and $500.
Reciva makes the chip sets sold in many US Internet radios, like the Grace, CCrane etc..... I own a Grace and was wanting Internet Radio at work. This app saved me $164 and like I said I get all the stations that my Internet Grace radio gets. I use this app on my touch and my iPad.
There are just way too many stations to list. Some examples are BBC, CNN TV, Fox News Radio, almost any AM and FM stations, Dutcheswell (sp Germany), Israel, all the C-Span TV channels (Audio), Egypt, etc..... The list is crazy!
This app also allows you to use Live 365 via the UI in the app and it can be set up either on the device or at the Reciva website where you one time register the app.
IM just a user that finds this app one of the best access's to Internet and world wide radio.
Oh you can stream your favorite stations to your device from the internet even if there is not a radio station per se. You just pop in the URL on their site and it will then be available on your device. You also can listen to web sites that have podcasts.
Honestly there's a ton of features besides the 17,000 stations world wide. Note this is not just access to shout cast like feeds. It is the same feeds that a US stand alone radio gets with out the costs incurred of actually buying an Internet Radio.
Lastly, I have installed this app on 2 devices at no extra charge.
Just a user that is addicted to his internet radio.