I've got the latest version, as it's release coincided with my inheriting a bit of cash, and it's just a brilliant bit of kit. I use it regularly to iMessage my g/f via her Pad, (she only has a work laptop, which has heavy dongle enforced security), and all the things I used to use my iPhone for are much easier.
It's significantly faster than my iP4, the screen is astonishing, and I've found it much easier to control iTunes on my Mac Mini using Remote, with the tv/monitor off, when I'm just listening to music. My g/f has an AppleTV now, and uses the iPad with that for streaming stuff, and she has Netflix on both.
For viewing photos it's fabulous, I get the photostream from my phone, and I have the Apple Camera Kit for use with my cameras, although this has just come out:
M.I.C. Gadget Introduces First All-in-one Card Reader For iPad
M.I.C. Gadget All-in-one Card Reader specifications
Reads SD, microSD and CF cards
Offers a USB port as well as a power input port
Improved speed rating compared to previous CF-only card reader
Supports high-speed cards up to 600x (CF) / Class 10 (SD)
Supports all iPad generations and iOS up to version 5.1 (iOS 5.0.1 or higher recommended)
The iPads uses are only limited by the users imagination, if you can't imagine what to use one for, well, that speaks volumes to me.