If you load the same book onto the iPad Kindle App and onto a real Kindle the displayed content should certainly be the same. The layout may look different, due to the very much larger screen of the iPad, but the actual "words" should certainly be the same.
"Syncing" refers to the Kindle's ability to maintain consistent information between different reading devices. If you read a book on your iPad, then open the same book on the Kindle, it will automatically take you to the same point in the book that you were last at on the iPad. If you make any notes or highlight any text on one device, these too will be transferred to the other device.
Hope that helps.
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