My kiddos master 34 quick words each year. We play several games and journal with these words each day. One idea I have that combines this effort with iPad use is Book Creator. The students will be creating year-long portfolio that can then be exported in ePub format. I am choosing Book Creator for this activity because of the picture import option.
Another application that I am looking forward to using is My Story.
For a cheap price, students can color, type, and record audio for their own books.
What I like most about this app is the simplicity. There is not a lot of button pushing for the five year-olds and directions are picture based.