Connecting a camera with its own power supply (read: their own battery) works beautifully, just as we were used from the old 30-pin Camera Connection Kit. (And before someone complains: Yes, you can read photos from the camera, but no write back there This is a general criticism of Apple, but not specifically on this adapter..)
My erstbester China Scrap USB SDHC card reader, however, was not recognized by the iPad. On the other hand, worked a USB memory stick with DCIM / 100CANON folder structure it wonderful for image import. It is therefore more likely to blame my Billigheimer card reader, I will continue to experiment.
For the musician: My Logilink USB to MIDI adapter (ASIN B000XRI3CC) also worked immediately on iPad, for example, with GarageBand exactly as before on the iPad 2 with the old 30-pin Camera Connection Kit.
Long story short: This adapter is exactly what I needed.