If the iPad lives up to the hype (as you may know, Apple’s actually termed the device "a magical and revolutionary product"), it’ll provide companies an important way of connecting with millions of consumers.  And Yahoo may be one of those companies, since it launched Yahoo Entertainment for the iPad this morning.

The app looks both attractive and useful.  Yahoo will provide a TV guide, news, comics, book reviews, and even original video content, making the app a good companion whether users are sitting on their couches or out and about in the world.

One other important point: Yahoo Entertainment for the iPad is free.

These factors should ensure that Yahoo gets a fair amount of exposure thanks to the app.  Yahoo isn’t going to stop paying attention to the iPad a day before it launches, though.  On the Yodel Anecdotal blog, Tapan Bhat, the company’s SVP of Integrated Consumer Experiences, wrote, "This is only the first of many incredible experiences Yahoo! will develop for the iPad . . ."

Even if Yahoo and Apple haven’t traditionally been close, then, it’s a good bet that at least a few Yahoo execs are hoping the iPad will live up to Apple’s expectations.