Ok - the iPad is basically a giant iPod touch so you can surf the web, e-mail, watch movies, listen to music, and view pictures. The web browsing on it is awesome but you can't watch flash video which can be limiting. An example is ign.com - if i want to watch their video reviews I would need to do it on a computer.
Also, it is not a device for creating content. You wont be typing word documents or creating spreadsheets on this - so if you need to do that i would go for a laptop or net book.
It has wifi in it so you can connect to your wireless network. If you want one with 3G capability you can pay about $100 more and you need to buy a plan from AT&T ranging from $12-$30 per month with no contract commitment.
The price of the iPad is:
WiFi only version: $500-700 (available in 16, 32, and 64 gig models)
WiFi + 3G: $600-$800 (they might be slightly more, not sure on this)
No mouse or keyboard, it is all touch based.
The browsing experience is pretty awesome if you can get past the lack of flash. You can also download applications got the iPad which extend the usefulness of the device including games, programs to remote in to your desktop, a book reader, etc and the functions will only expand over time.
So in summary the pro's are:
Great screen
Awesome web browsing
Awesome e-mail
Great video
Cool Applications
Very unique experience
Great battery life (10+ hours)
Cons:
No flash video so some websites don't work
Could be fragile if dropped - it is pretty thin and lots of glass
Not really made for creating content
If you need just a fun toy to surf the web etc. This could be better than a net book. I would check it out at a best buy if you are interested and spend some time using it to see if you like it. I didn't plan on getting one until I used it.
Any other questions I can help with?