Yes should be a good experience on iPad! I'm sure the booklets etc will come as its a much sought after feature and was in Primephonic.
Airplay isn't a supported way to listen to lossless on Apple Music - the best/only official solution is an Apple TV as your streamer (or a Homepod or two if you didn't have an audio system). That said, if your device is Airplay 1 it will in fact stream in CD quality, its just not listed on the Apple Music support page.
My guess is that there is a whole new generation of Airplay coming that will support Spatial audio and maybe hires. Because of the multiroom support in Airplay 2 there are some hurdles to a good quality experience using hires/lossless for people who don't have a good wireless network.
I have to say the experience using the Apple TV is very good especially if you use multichannel via an AV receiver. Obviously a traditional stereo is little harder as you'd need something like this
https://www.amazon.com/AuviPal-Extr...uPWNsaWNrUmVkaXJlY3QmZG9Ob3RMb2dDbGljaz10cnVl. I wasn't that keen on having the TV on etc when listening to music but I quite like it now, album art, lyrics etc.