Syncing iPad and iPhone with the same iTunes?

Hi,

I have been using iTunes with my iPhone for nearly two years now and it's working fine. I am now considering getting an iPad and was wondering if it's possible to sync an iPad with the same iTunes library that you use to sync your iPhone with? Will it pick up my iPhone apps, contacts, music, podcasts, etc... and transfer them onto my iPad? Are there any conflicts when syncing two different pieces of hardware with the same software?

Many thanks in advance,

Arnaud