I'm a bit frustrated about that, but I would like to know, if I register the iPad with my apple ID and use the cloud, can I bypass iTunes and all my info will download to the iPad via the Cloud?
With iOS 5 and 6, you don't need a computer to use your device but it's highly recommended. Anyway, you can use the iPad without the iTunes version required for it, but you won't be able to sync your music, photos, apps, movies... stored on the Mac. To download the purchased content onto the device > http://support.apple.com/kb/HT2519?viewlocale=en_US&locale=en_US
As you are not going to use iTunes, I recommend you to turn on iCloud backup to make backups of your iPad
iCloud: Backup and restore overview
Check iCloud storage & backup space on iPad
iCloud: Troubleshooting creating backups
You must have iTunes 10.7 or higher to use iTunes on a computer to sync your iPad. iTunes 11.0.1 is the current version and Mac OSX 10.6.8 is the minimum system requirement. If your Mac is capable of upgrading to 10.6.8 you can purchase it at the Apple Store (apple.com) for $20.
I faced this same problem when I purchased new iPhones last fall. My wife's MacBook Pro is running OSX 10.8.2 so she can upgrade her iTunes. To allow me to sync my iPhone I created a separate account on her laptop. That is another alternative available to you if you have access to a more recent Mac system.