Don't mean to be provocative but I just don't get this thing.
As a convenience device, the cute / desirable bit about the Touch is its size - the iPad is an embarrassing behemoth by comparison. Come on...who wouldn't be embarrassed to slip this out on the train / tube / bus?
As a computer device, it's pants - no multi-tasking, tiny memory, no proper keyboard for data entry. Buy a netbook or ultra-portable laptop.
As an e-reader, it's eyestrain with no e-ink and battery life way less than kindle (though why anyone would want an e-reader instead of a fabulous, tactile, characterful book is completely beyond me anyway)
As a magazine / newspaper facilitator, it's unnecessary, expensive, more prone to breakage than the original (paper) format and you can't (easily) share them with your friends and relatives.
As an MP3 player, you'll need bloody deep pockets. Which of course you'll need to have anyway to buy the thing in the first place. Surely better with a Touch or a Sony?
As a games machine, it's not in the same league as the purpose built machines.
As a device for watching movies, it's an ergonomic disaster and not really much better in other respects than a netbook or Touch, depending on what's your poison.
As a long-term gadget, it's shelf-life is limited with versions 2, 3 and 4 probably already waiting to be released, although that's if your non-replaceable battery doesn't pack up first.
As a convergence device, it does everything a bit less well than the originals and then what are you going to do with all your existing, more functional, gadgetry? Maybe you go back to it piece by piece until the iPad's a dusty relic.
As a solution for a problem, it's a problem that didn't exist.
As a wallet devouring toy with no real purpose, it's...well, perfect really.