According to the LA Times [via switched] the light emitted from the iPad screen “inhibits the release of melatonin, a chemical that tells your body to window down for the evening.” The effect happens with any devices that emits this type of backlight, such as computer monitors, or cell phones – but the effect is increased due to the closeness that which a user holds their iPad to their face.
If you like reading at night, don’t fret – use the Amazon Kindle or the Barnes and Nobles Nook. Since these devices do not have a backlight, your melatonin secretion stays where it needs to be. Neither of those devices have a backlight, which also makes it a great e-book reader if you are going to Central Park in the summer.