I have had mine since April of last year. It's great. I don't think it will ever replace my laptop, but it's nice in case I want to travel light and still have most of the capabilities of of my laptop. I go out of town quite a bit, mostly to visit family around the state. I used to pack up my laptop and haul that around, but now unless I have work to do, I just grab the ipad. It does what they say it does. I check emails, surf the web, play games, watch movies.
If you have used an iPod touch or iPhone, then you know there are a TON of apps for these devices.
I'd say the only con there is the lack of flash support, but it really hasn't been as big of a deal as i thought it would.
The update for these is coming up soon. Should be sometime in February that they announce it. The reports going around are that it will be a bit of a different design, possible front and rear facing camera, and a display upgrade.