It is a 10W adapter which makes it perfect for the new iPad. The reason I bought one is because I often plug in the MBP and the iPhone or iPad in the same area and did not want to waste another wall outlet on the iPhone whenever I wanted to charge it while using the MBP.
I use it daily and it works great. The MBP and iPhone always have power and I am only using one outlet to make it possible. I know $35 is a bit high for this type of use, but I haven't seen a cheaper option.