Thank you for utilizing our online answer forums. We apologize that you are experiencing issues connecting to the Slingbox on your iPad since the latest update. It sounds like your application corrupted while downloading the application update. When this happens it is very simple to fix with a simple uninstall and reinstall of the application. You will not be charged again as long as when you go to reinstall from the store you are using the same login information you were using when you purchased the appication to begin with. Below is a link that will walk you through how to uninstall and reinstall properly.
As promised here are the links:
Hope this helps
Sling Media Moderation Team.