Adblock Plus

I don't see any documentation for how to do this.

There seems to be a star at the bottom of the browser but no real explanation for what it does.

There is a bookmark area with only 2 pre configured links but no clear way for how to add to this list.

Also, will there be an iOS ad blocker with iPad 3 support?

Hi! Adding a bookmark is indeed done by tapping the star once you are at the desired website. Once you do so, they are shown under "Bookmarks", which you can access by swiping from left to right on every new, empty tab. To also show those on the Dashboard view (the default view in new, empty tabs), long-press one of the bookmarks, select "Edit" and enable the option "Show in Dashboard".