DisplayPad was recently released to the App Store. The application turns your iPad into an external monitor. It comes from the folks at Clean Cut Code and requires a Mac running Snow Leopard with Wi-Fi.

The application works well and is easy to use. Simply open the application on your iPad, launch the DisplayPad Mac application (available at Clean Cut Code’s website), and choose your iPad from the list in your Macs menu bar. Now your iPad is a second display for your Mac. You can even change settings for it in the Displays preferences just as you would a regular monitor.

But, what’s amazing about this application is it’s price. DisplayPad is currently available from the App Store for just $2.99. That’s significantly cheaper than AirDisplay’s $9.99 price tag. AirDisplay is available as a universal binary, while DisplayPad isn’t. But, if you’re only interested in using your iPad as an external monitor than DisplayPad is a fantastic option.