Does Evernote on the iPad have undo functionality?
As with the iPhone, if you shake the iPad vigorously, you get offered the choice of:


Undo
Cancel


For me, this doesn't feel at all natural on the iPad, and I imagine that's why some iPad applications (e.g. Textastic) provide their own Undo/Redo buttons.

Edit

Thanks to @Lizzan for also pointing out in the comments:


  There's also an Undo button in the bottom left on the numerical keyboard - makes a bit more sense than shaking the iPad.