Well, on iPad 2, iOS runs almost instantaneously, there is almost no lag when switching between apps. Whereas on iPad 1, it always takes a few seconds to load the app, before it responds to any input. Another thing to consider is, that iPad 1 apps are prone to crash, when running low on memory. And websites get quickly cleared from the RAM, when another app is opened, as the device is running low on memory, meaning that you need to reload websites frequently. With iPad 2, this is less of an issue, as the doubled RAM really helps.
The camera is useful, if you want to import any printed document, but depending on your course, this may never be important for you.
I would definitely buy iPad 2 and a Zaggmate case, because multitasking works so much better.
zaggmate case! Great suggestion, looking to get somethng like that myself.
Edit: after searching zaggmate i found another similar case called Crux360 clamshell.