I run it on an iPad 1 and it is a bit slow sometimes but it seems to do everything I need. The only problem is have is I have trouble moving and scrolling the map around, however I worked out that it works perfectly by using two fingers at the same time (against all apple logic and iPhone / iPad standard operating procedure). You can't rule out that our iPad is struggling for reasons other than OzRunways, even Apple harp on these days about how every iPad is different with different components etc.
At the rate you are having trouble Tipsy I'll personally start off the process donate $10 towards your new iPad 3.