It's OK (for now).
For media delivery and content consumption it's pretty good. Games, mmm, it's a little big I think (I favor the PSP sort of size) but there are plenty of fun ones. The biggest drawback I see is the productivity is still not all that great, even at a basic level. I'm not expecting to program on the thing, but editing a resume and such really isn't all that much to expect. And I'm frequently finding little gotchas in the web browsing experience with things like Flash and no support for the rich-text component that makes all of the web editors possible. Give it a year and get the Hulus and such off of Flash and all the major sites to implement an iPad friendly version of their stuff and it will be much better (I'd say it's 7.5/10 right now, depends on the sites).
You can buy all sorts of apps to do a bunch of stuff but they don't talk to each other which I think is a big drawback. For instance, my boss wanted to edit a file from Dropbox in Pages and re-upload it, and right now that's just not happening. I think a basic file system (mass storage sort of thing) might be a good addition; more than photos and videos.
It is a bit heavy still, but fine if you rest it on your lap or something other than holding it like a book in the air. Battery life is very good, what you wish your laptop could get and it stays cool as well.
I don't know that I would've spend the money on it myself as I'm still holding out for the Android/ChromeOS ones that will hopefully pop-up this winter. I'm not sold on the big iPod vs netpad, as I believe a netpad would be better. But since it was a bonus, I take it for what it is and when the other folks finally get their act together and get a good netpad out, I'll likely switch to that and give this to a family member.
