Just got an iPad 4 and Cubasis, but I am unable to hear anything while monitoring. I can see the channel volume go up and down with my playing so the input is there, but nothing showing on the Stereo Out slider and no audio is heard.
Also, if I hit record, I can't hear anything while recording, but when I play back, it did indeed record. I can hear other tracks and the metronome while recording, just no monitoring of the track I am currently playing.
Here is the set up:
iPad 4 latest OS
Line 6 Mobile In
30 pin to Lightning adapter from Apple
Mono is turned off in the settings
The same set up works just fine with the Mobile Pod, and in GarageBand it works fine when I turn on monitoring also. Cubasis is the only one that isn't working
EDIT - PS yes, the yellow monitor button is active, before anyone asks