I use iTunes Match and have quite a bit of music on my computer and my phone, so it doesn't often occur to me to listen on my iPad. However, when I do, I exclusively stream, so this might actually be the perfect fit for me. Will let you know when I try it out.
Also please let me know how long it takes to open when you load.... We have an issue with large library parse times... If you get a blank screen for more than a few seconds please time it and let me know how long it takes. We need to put this initial loading/library prep into a new thread.