Same problem here:
The “Project overview” on iC Pro’s “Project Page” is completely empty/greyed out - the complete upper half of the following picture is greyed out!
http://i1-news.softpedia-static.com/images/news-700/Download-Cubase-iC-Pro-for-iPhone-and-iPad.jpg?1358852418
No ruler, no objects or whatsoever are shown. Only “CUBASE iC Pro” on the left side written in a lighter grey and the right and left indicators are visible in reverse order!? Just exactly like “mk123” described in his posting.
Since I updated Cubase 7 to 7.0.3 and iC Pro to 1.0.3 at the same time today, I don’t know which update messed up iC’s “Project overview”. By the way, I reinstalled the latest version of Cubase SKI Remote as well, although it was on its most recent version before - but I did it just to be sure. 
Actually I suspect my iPad2’s old 5.1.1 iOS could be the problem as well but I want to avoid an iOs-Update to 6.1.3. since I would lose integrated Google maps then.
So if you “mk123” could please confirm your iPad’s iOS-Version here - because if your iPad is on version 5 as well, the iC Pro’s 1.0.3-Update is maybe only fully compatible and 100% working with iOS 6 and above!?