Update: It is live, we’ve taken a walkthrough below.

According to The Verge (formerly known as This is my next), the elusive Facebook for iPad app is about to go live “momentarily” on the App Store. The iPhone app will also get updated, the publication has it, with bookmarks to apps, a new Requests dialog that will display app notifications, and support for Facebook Credits for in-app payments. VentureBeat quoted Facebook engineer Leon Dubinsky as describing the software on the Facebook blog, but no such post had gone live at press time. While the social networking giant has yet to formally announce the program, they already have a dedicated URL up and running at facebook.com/mobile/ipad.

The page invites users to download the free Facebook for iPad app here. That URL actually leads to the existing iPhone app, which indicates that both the new iPad app and the existing iPhone client have been merged into a universal binary. The official list of features doesn’t disappoint: You can chat on the iPad’s beautiful 9.7-inch canvas, browse and flip through your friends’ photos, as well as play games and watch high-definition movies in full screen mode.

What’s best, it supports AirPlay technology so you can easily and wirelessly beam your videos and snaps to that big telly in your living room through the Apple TV set-top box, which is also up for an update with 1080p video output via the A5 chip. At post time, the US App Store still had the iPhone app hosted at the URL, but it shouldn’t take too long before changes propagate throughout regional App Stores. Go past the break for release notes, more screenies and a hands on video.

[youtube=http://www.youtube.com/watch?v=LgVQRlmwM9U]

Your photos take on new life on the iPad. They’re big, high-res and easy to flip through—like a real photo album.

With less on the screen, it’s easier to zoom in on your friends’ photos, updates and stories.

Just tap, slide or pinch to get from one screen to another and back again in no time.

Use simplified navigation to send a message, see your notifications or browse your bookmarks without switching screens.

Play your favorite Facebook games wherever you are, and on a bigger screen.

A simple dropdown menu makes it easy to scan and send messages without visiting your inbox.