In one of the latest direct-to-iPad initiatives, Richard Branson’s Virgin empire announced plans to launch its first consumer magazine on the Apple tablet without a companion print edition. Virgin claims Maverick magazine will be consistent with Virgin’s overall brand, says AdAge, but will include actual articles rather than promotions other Virgin properties.

Branson’s daughter Holly Branson is reportedly leading Virgin’s charge into iPad territory. If she succeeds in signing on premium advertisers and “exploit[ing] the creative potential of the medium without the costs of an existing print title to maintain,” Maverick will launch in the beginning of October, as an iPhone app only — no Kindle, web or paper version.

The Amazon Kindle, released in ‘07, lacks the multimedia capabilities of the iPad with its HTML5 video, color photos and ability to run complex interactive apps. One of the the Amazon device’s advantages when it comes to text — that its screen doesn’t act like a glowing computer screen, but like a faithful electronic reproduction of a physical book — becomes a disadvantage with next-generation formats. These formats attempt not only to port the reading experience onto an electronic device, but to take fuller advantage of the capabilities of modern phones and especially tablets, with their larger screens.

Apple’s iPad continues to loom large, as the market waits for the Google Android and other tablets it thought would be released by now.