I bought the wi fi 64Gb version of the iPad. It's the first Apple product I have ever bought and I was a bit apprehensive about spending so much money on this device but it seemed to tick so many boxes for me. I've had it nearly two weeks now and have to say it's one of the best gadgets I've bought. I wanted it mainly to browse the net (I downloaded the Atomic Web Browser app for this, as far superior to Safari) and read ebooks. It is works fabulously at both tasks (with the caveat about non flash support but doubtless somebody will write an app to fix that). I have a netbook which I've barely used as it was sloooowwww, clunky and the screen was just too small. Strangely enough the iPad screen is slightly smaller still but, and it's a big but, because of it's touch sensitive screen which enables quick, easy and intuitive zooming and web page navigation, it actually feels like it's bigger than my netbook.
As an ebook reader I have a Sony PRS-505 to compare it against. I think the Sony reader is a great product to take your books with you and read anywhere (including outdoors; the iPad, due to its backlit screen, is not really suitable for outdoor use except in the shade) but I now realise how slow it is to respond. Use an iPad ereader app (like Kindle or Stanza) and you are literally jumping from page to page with no load times, just like a real book, instead of having to wait a second or two for each page to load.
If you've never bought an Apple product before, and want a quick way to browse the net, read books and have a general media consumption device to hand (which is also great fun and so intuitive) that simply works, then you'll probably love the iPad. If, however, you mainly want to create content, rather than just consume it, I would suggest this is not for you. Oh, and it's a great way for visually impaired people to get on the net due to the fact you can zoom font size to incredible levels (Atomic Web Browswer in particular is very good at this). My mum has very poor sight and I showed it to her and she could actually, for the first time, use the net. I'm now just trying to persuade her to let me buy one for her!
In summing up, then, it's not an all purpose fully fledged computer (but then it never claimed to be) but as a mobile entertainment/web browsing/email device it's very slick. Not perfect, but it should still be at the top of any gadget junkie's list of must have items if you tick most of the boxes for reasons to own one rather than reasons not to own one.