iCloud can backup. If you back up your iPad to iCloud, it will only backup settings, documents, contacts, etc. and not app data or purchased media (though you will be able to redownload these free of charge). iTunes backup will back up everything on your iPad, but you must connect your iPad via USB cable or WiFi to backup manually, while iCloud backup does not require a computer.
Also if you want to sync media directly from your computer as opposed to downloading it on your iPad, you need to plug it into iTunes, but you can still sync with iTunes and backup through iCloud.
Hope this helps.
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