I like it, though for as much as I use it, I can't seem to fall in love with it like I did the iPhone.
I use it principally for:
-Reading. iBooks is awesome. I love how it syncs your place so you can pick up on the phone. I haven't used the Kindle app much (which does the same) because most of the books I read are old and freely available in epub or PDF. I also use, to a lesser degree, Instapaper and Reeder. I used to use Stanza but the lack of sync is a deal breaker. Sad really because it's such a nice app.
-Playing Music. I use it as a banjo tuner with OmniTuner (an iPhone app) and I also use TabToolkit and GuitarTookit as well as PDF's with written music and tab. It's more convenient than lugging around books or loose leaf paper.
-Listening to Music. The speakers are good enough to make moving it around from room to room and using it for background music nice.
-Occasional Browsing. I really don't like browsing on it and it feels like the only browsing I do on there is wasting time. I get the nagging feeling that I should just be reading a book, or doing something off-screen altogether, rather than browsing. The tabs are clunky, the browser is slim on features and typing is too slow.
-Mindmaps, Mockups. I don't think it's the ideal tool (yet) for either of those activities, but I sometimes do both if I don't have the laptop handy. iMockups is pretty nice. I'd put OmniFocus on there if I hadn't already spent so much on it for my Mac and iPhone. I'm not dropping another $40 for it.
-Etc., Games, Email, Evernote, Netflix, YouTube. I play Carcassone and Settlers. I use Flashcard apps to try to teach my baby to read. I respond to emails and write notes in Evernote. I'm not a big fan of typing on the iPad (I prefer the iPhone keyboard) so I use it for email less than I expected, but still, it's nice to have it there. I thought I'd use it for video all the time, and the times I do, it's wonderful. I'd guess I watch a movie on it twice or three times a month.
Overall, I'm glad I have it, I'd probably miss it a lot if it was gone and, as you can see from the list above, I've integrated it many areas of my life. Strangely though, I don't have a strong emotional attachment to it. I don't get excited to defend it and I don't sell it to friends/family. With the iPhone I couldn't wait to recommend it to everyone I know.