I've had the iPad since UK launch back in May and I use it almost exclusively when I'm couch surfing and travelling, at the expense of my laptop which gets much less use.
Pros
Great screen. REALLY great screen* (see cons below). Fantastic for movies & browsing.
Already lots of great apps, including Amazon Kindle app, which is way better than ibook.
Pressreader, which has a raft of global newspapers delivered every morning in searchable PDF (including the Irish Times).
Great native email client, much better than expected.
On screen typing surprisingly easy and fast. Again, much better than any other touchscreen I've tried.
Starts instantaneously, closes down similarly. For use when travelling this is a significant benefit over a laptop.
Cons
Price. Seriously overpriced whatever way you look at it.
As good as the screen is in indoor conditions, its absolutely useless in daylight without an anti-glare screenfilm.
Its heavier than you would imagine, which makes reading in bed tiresome after a while.
No over-the-air-syncing. USB in this day and age, seriously?
Lack of flash support. More websites than you imagine still use it.
I'd agree with Adam that unless Apple change their approach to doing business, their 15mins of fame could hit a wall soon. They are behaving more and more like Microsoft as the months go by. Its very hard/impossible to grow double digit and remain a youthful, entreprenurial company at heart. Antennagate really didn't reflect well on them IMO.