I just recently got an iPad. After playing with it for a while, I've come to the following conclusions...
1. For reading a book, the Kindle is better. The glare on the iPad can be a problem. Kindle is more a simple and natural experience. But, for graphic novels or instruction/how to books, you cannot beat the bright color screen (obviously edging out the Kindle in this category).
2. Movies are nice, but only practical for traveling.
3. Too big to be an mp3 player, but the speakers are nice. I am outside now while the kids play. The speakers are loud enough for us.
4. Typing stinks...period. Very awkward.
5. Get a good newspaper app, and you will be hooked. USA Today and Huffington post offer the best newspaper experience. Intuitive and easy to get to what you want. Same for RSS feeds. For resources and surfing the web, this is a great machine.
I really like the iPad as a resource and web browser. I thought Emma would like it more than she did. Emma can quickly use the iPad, but pointed out it is like a big phone.