Well, I am currently using a 32GB 3G iPad running on ios 4.2.1. I wanted to be among the first to review the iPad in this iOS so I had to wait. First I want ot go through the downfalls of the iPad (1st Gen) and the iOS (4.2.1).

iPad-
No camera for video calling ( so compared to iPod touch and iPhone this is pretty outdated but I am sure the next gen will have one)
No flash ( i am fine with that since I live on apps most of the time but at least the most basic version that will not cause any problem)
HTML5 is not so popular but what iPad uses ( Judging from the number of iPads sold in a limited timescale says that it might take over flash)
No USB slot for external hard disk ( i mean come on, imagine what more you can do with this feature!?)
Too much glare when using under sunlight
Ram too little ( 256mb? Wow even iPhone has better ram than that)

iOS-
Multitasking is poor ( what is the point in going through all the trouble for developers to perform multitasking, isn't the beauty of multitasking just pausing something and going to something else and comeback from where you paused?)
Why is the orientation button hidden in the multitasking bar? I liked it when you have to press and hold the minus button to mute.
AirPrint is too specific when it comes to choice of printer ( of course in the near future all the printers will support AirPrint.)

The number of great features in iPad may be countless but most of them can use a bit of changes.
The iPad although is not extremely portable in some cases it is a great survival tool for the modern world. It is extremely useful for example, if you are interviewing someone who is a bit shy, there are tons of apps that record voice and some even voice to text ( like dragon dictation only for us customers, but is free) or if you need to take down some urgent notes, the keyboard is big enough for two finger typing for even portrait mode. Its a huge GPS so it's much more efficient than a cramped GPS system which costs $150 that covers a third of the iPad price. There are also apps with enhanced GPS control like voice guidance. Best of all it is great for entertainment, so far there are 7500 games design especially for iPad, my favorites are Labyrinth 2 HD and Asphalt 5 HD. Music can be downloaded directly via iTunes and when it comes to movies there is one problem. When you buy or rent a movie, the movie does not make use of the whole screen which is a big bummer. Sometimes it makes you say, bulky portables are now a thing of the past like laptops, which I hardly use anymore when I got the iPad. Prices are pretty reasonable as I heard the galaxy tab costs more than the basic version of the iPad which $499 usd.

iPad is a great tool for me but it does not mean it is great for you. Those who are thinking of buying one should consider going to an apple shop and try this out.

No tickey no markey....

The iPad isn't a computer replacement. It was never meant to completely replace one, just augment.