My daughter and I sat down to see if she could create a story on her own. She is 5, pretty wise with an iPad and with very little help from me, she created a 4 page story. She inserted a photo, designed a title page, added text and added voice. Her finished product was alright, she was proud of it and that's what really matters!
The glitch is the publishing. You have 2 options: send to ibooks or email it.
So we sent it to ibooks. It created a lovely little book to sit on my ibook shelf for her to read whenever she chooses. The books plays great from there which she found very exciting.
Then we decided to email it. We emailed it to her dad's iPhone, he was not able to open it on the iPhone. We emailed it to her grandma. She was able to open it with her ePub that she uses when she downloads library books, but the audio would not play. Finally we emailed it to Mrs. Fisher. She was able to open it on her iPad and it played perfectly from her ibooks.
So before you create, decide on your purpose and who you want to share with. I could not find a way to embed it to our class wiki or to upload it to You Tube. I generally want to be able to share with all students and their families and if they need to own an iPad to see our product, this is not the program I want to use.