Uh, yeah it does. I've spent several entire days flying with the iPad (and generally with the WiFi, 3G, Bluetooth, and everything else left on and draining the battery) and been fine. That includes Madison to Philadelphia in the 182 (landed with 58% remaining on that one), Houston to Madison in the DA40, Arkansas to Iowa in the Citabria, etc.
I've had mine go 13.5 hours in non-flying situations, so 10 hours is not "max". The iPad definitely lasts longer than I do when flying, and I fly some awfully long days sometimes.
The only time an iPad external battery would really be worthwhile is on trans-Pacific airline flights... Or transoceanic plus some additional stops and layovers.