Should I update?
This is a discussion on iOS 5.1 update within the iPad General Discussions forums, part of the Apple iPad Discussions category; Should I update?...
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The only reason I can think of NOT to update is if you are on 5.0.1 and want to jailbreak, otherwise go for it. Everyone has been happy with it and it has fixed annoying ram crashes on ipad1 by first impressions.
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iPad Air 128gb Wifi/Cellular - iPad 2 64gb Wifi/Cellular - iPad Mini 32gb Wifi/Cellular - iPhone 5 - Apple TV - MacBook Pro 15" - Time Capsule - Airport Express
As leelai said, only reason not too that I can think of is if you are jailbroken and keen to hang on to that fact!
iPad 1 32GB WiFi & 3G on Orange, iPhone 4 16GB on Orange, Apple TV 2nd Gen and various old iPhones and iPod's kicking around!