It is basically a large iPod Touch (iPhone without the phone bit or a camera). If you want multitasking, decent keyboard and flash capability, then go for a laptop. You can even get ones with touch screen which Windows 7 takes advantage of quite well.
Having said that, it all depends on what you want. Casual use the iPad is ok. My boss has one and wants me to develop software for it, because of the kind of client base we have. Which brings up another point. The only software you can *normally* run on it is what is available in the App Store, which is fine if that is all you want, but has some limitations for application developers (without jailbreaking it).
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I think it's already old hat. I heard they've got the second, third and fourth generation out and waiting for sale so save your money for a bit.They are all progessively smaller (the fourth is actually the size of a postage stamp, and really hard to see the icons although there is optional magnifier. They have however come up with a great stylus (a pin).