Short answer - you will be able to read non-DRM content in multiple formats on the iPad.
Long answer - if a reader app can read a format with DRM, it is almost certain that it will also support the same format without DRM. For example, the Kindle can read Amazon's DRM, but also DRM-free mobipocket/PRC, txt, PDF etc. I think the iBooks app will also allow reading non-DRM ePub (assuming it supports ePub with DRM). The iPhone can read non-DRM PDFs natively, so I'm quite sure the iPad will too.
Even if the iPad doesn't have native support for a format, someone will have a free reader app for it.
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