Jailbreaking is the process of removing the native software that comes with these Apple devices in order to install any software that the user chooses. Once jailbroken, there is a multitude of applications that can be downloaded from unofficial installers such as Cydia.
Hackers have been able to jailbreak the new iPad within days of its release. However, the new device would be still protected even if the DMCA rules in favor of allowing jailbreaking since it was not listed on the initial exemption request.