The video below shows IPA God in action on an iPad running iOS 4.2 beta which is not jailbreakable ATM. It will also work on iPhone and iPod Touch.
According to developer, IPA God will be sold out at a price under $20 (UDID registration for the app) because Apple would never let the app appear in the AppStore.
There’s ETA for the IPA God. We will keep you posted as soon as it goes live.
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NOTE: Jailbreak and App Piracy are two different things. To put it simple: Jailbreaking is LEGAL but App Piracy is ILLEGAL.