If you "Print" the PPT to PDFS and include the notes, then yes it would. The best thing to do would be to go through and do this with anything you want to have access to and then load it into a well organized Drop box folder system. Bam, access no matter where you are from iPad, smartphone, computer in the library, etc.
Seriously though, you will never, ever, ever, not ever need to look at the notes form the first two years in order to do well on any test, quiz or NBME you may have third year. If you want it just cause, thats cool. But honestly, if you think you are going to use it to find relevant information to patient care its like looking for a needle in a stack that was once hay, but is not all dried up and dusty. My point is, that if you have a question you're better off referencing the review book for that rotation or mainly Uptodate which will have the answer you need AND push you forward in your knowledge base toward being prepared to practice.
But ya, the iPad is great for clinicals. 🙂