While I'd like to have one for a cool portable, I'm gonna wait for version 3 or 4, and hope for more functionality.
This clip from Time's review says it all for me:
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					Originally Posted by Time
					
				 If I have a beef with the iPad, it's that while it's a lovely device for consuming content, it doesn't do much to facilitate its creation. The computer is the greatest all-purpose creativity tool since the pen.  It put a music studio, a movie studio, a darkroom and a publishing house on everybody's desk.  The iPad shifts the empahsis from creating content to merely absorbing and manipulating it.  It mutes you, turns you back in to a passive consumer of other people masterpieces.  It that sense, it's a step backward. | 
	
 I have to agree - with the proviso that I don't do much "creating" when I'm out and about - and the iPad is perfect for portability.  But I also do very little media consumption while I'm out and about, so my iPhone is perfect and can't be beat - since it fits in my pocket and the iPad does not.
I suppose it would be a great way to watch movies in the bathroom.  It's likely nifty for sharing photos at a party or something.  Primarily though, I could see it for media on a long journey, or at home - where I already have 3 or 4 perfectly fine media displays - - - in every room except the bathroom.  It's not worth $800 for me to fill that niche.
But I 
would like a portable computer ... and have resisted netbooks and such for being too bulky.  So iPad version 3 or 4 might tempt me, depending on how things shake out.