What happens if you want to use the same account? For example, I have one iPad and I want to buy another one and load/install the same apps (including paid ones) on that account. Is this do-able? If not, then how do you transfer the apps from the "old" device to the new device without losing the apps?
There is no device limit for the number of iPods, iPhones, and iPads that can be synced with the same iTunes library and iTunes account on the same computer. Each device can have its own sync preferences with iTunes on the same computer along with iTunes maintaining a separate backup for each device.
All iTunes content on your iPad should be in your iTunes library on your computer - all music, movies, tv shows, iBooks, and 3rd party apps. Connect the 2nd iPad to iTunes and you can transfer the exact same apps that are on the 1st iPad, or you can have different apps installed on each.