Initially I didn't like the iPad at all. And I still don't have one. Now that I see more and more people using it, I'm starting to change my mind.

The best thing about iPad is the amount of applications that you can run on it, from entertainment to business. Also besides watching videos, surfing online, playing games, there are several other nice things about it:
1. It is very portable and holds the battery for a long time even if you have Internet connection turned on.
2. If you are at a conference, you can show some content (like Slides) on an iPadinstantaneously, unlike regular laptops which need a minute to wake up from hibernation.
3. iPad 2 has a camera, and you can make Skype video calls with it.

But I must admit, that for me iPad is more about marketing, than real value. I think that most iPad buyers don't really understand what they buy. But there is so much hype about it, that they can't resist.

Anyway I really like what Apple does. It changes paradigms and makes everything easier to use. Then other vendors borrow Apple's ideas (likewise Apple borrows many ideas from other platforms) and make other platforms better.