You can type your calculation as a google query and you'll get the result. This calculator is designed for people looking for a mouse- / touch-based UI.
iOS 6 brings those over (at least on the iPad 3, presumably because it made more sense than #ifdef'ing those bits out of Siri). I keep meaning to just write a non-crap Android stopwatch, because using my iPad as a 10" stopwatch is just silly.
Sadly not, as its "timer" is actually just setting an alarm for x minutes later. That also means that you lose precision of seconds. If it's 5:22:36 and you tell it to set a timer for 10 minutes, it'll set an alarm for 5:32:00, not 5:32:36.
It seems to be the correct UI choice - If you start typing, your input goes into the search field, and the calculator app is purely a mouse/touch application. Looks like a thoughtful UX choice.