Apple aired its first TV ad of the iPad today during the Oscar's. A description of the ad by Doju:

The commercial was just on, depicted a person using the iPad on their lap, going through the various features (iBooks, Pages, Videos, etc. nothing new) with an upbeat song.

The ad ended with "April 3."

Meanwhile, Steve Jobs is reportedly at the Oscar's, confirmed by a photo taken by Jon Chu:

A high-quality video showing the ad is available here.