Actually I did not buy my iPad 1 new. I bought it from eBay a few months ago when the iPad 3 was launched and I've been really happy with it. Yes, it might not be as fast and some apps might lag a bit (which I assume is because it's jailbroken), and even the battery seems to not to last as long (again, maybe the Jailbreak and the Otterbox Defender case it's in), but not big a deal as to through $500 for a newer version. No camera? no problem, I have a real Fujifilm camera (what's up with those people lifting their iPad's above their heads to take a picture? ). I use it mainly to play a few games, read e-books and maybe watch Crackle, other than that no work related stuff or anything requiring an upgrade anytime soon.
iPad 1 64Gb iOS 5.1 .1