There’s a lot to pore over with Facebook’s new iPad app and the new HTML5 mobile app platform. But I think Matt Rosoff of Business Insider has keyed in on the most important thing that’s currently being drowned in spin:

Facebook won’t let developers use Facebook Credits on the iPhone or iPad.

Obviously, in the native app, Facebook would have to give a 30% cut to Apple for any purchases made. But what’s important is how much of the app is actually HTML5-based. Facebook is crippling their own HTML5 work here. Fascinating.

Why?

Well, either Facebook doesn’t want to pay Apple the 30% cut of all in-app sales. Or Apple doesn’t want Facebook circumventing their own in-app system. Or both. 

As BI notes, this has likely been a big reason for the hold up of the Facebook iPad app — which such looks to be the exact same one I found and leaked leaked months ago. The one that was feature-complete in May.

You won’t hear a peep on this stuff on the record from either side, but there’s a ton going on behind the scenes here.