I thought I'd addressed this. We're not insisting on print because we're behind the times at all. A practising photographer may well use a digital folio, but we need to gain as much information as possible about the student's abilities, and that includes the technical aspects, and those technical aspects include printing amongst other things. Images on a iPad using iPhoto are scaled down, and it's hard to assess them in the same way as a high quality print.
Also, iPads are great to promote your work, but if I was hiring an assistant who's just graduated, I'd want to see how well they can prep work for print, how well they can colour balance a set of images etc. These are skills in demand. You can not easily assess that by looking at a scaled down low res image on a 9" screen. iPads are convenient, but don't think for one minute they'll be replacing print any time soon. People will always want to hold prints, and see the detail in a large format image. That's not old fashioned, that's just normal. What next... iPads on gallery walls??
Will we still want to see prints in 10 years time? Probably yes... because compared to a beautiful print, an iPad sucks. We're looking for different things at an interview for a HE course.. we need a format that can help us assess their abilities, and a small lo res image on a small screen doesn't cut it.
Photographers promoting themselves will have a great use for iPads, sure.. but don't be expecting print portfolios to be going anywhere soon, even for established practitioners. When you pitch for advertising jobs, you often just drop your folio off... you fancy doing that with your iPad?
You're just going to have to trust that I know what I'm talking about here... there's still, and will be for a very long time... a need for a print portfolio.