Since ereaders are my current thing, I've been over to the Apple store a few times to check out the iPad to see if it would be a good option as an ereader.
Since there's an app to allow the iPad to display pdf files, I really liked how it displayed those files. There isn't a less expensive reader out there that allows you to see pdf files so clearly and in color. You don't have to scroll around, everything displays normally. That could be a real advantage for me in homeschooling.
But that was the only advantage for me, and right now, it isn't a very big one. Most homeschooling books we use (from specific curricula to lots and lots of children's non-fiction) aren't available digitally yet. I know this will change, but right now, there isn't much that the iPad does for me that's better than a reader.
And there are a few things it does worse. I noticed right away that it's a lot heavier than my reader. I spend a lot of time walking and reading (I have a two-year-old) and I'd not like to carry around an iPad for a long time. It's also large to carry around. But my biggest problem was the glare. You can reduce the backlighting on the screen in the iBooks section, which was easier on my eyes, but when I did that, the glare on the screen got a lot worse. The screen already has a lot of glare, which isn't too noticeable when you're browsing the internet with a bright screen. But when I reduced the backlighting almost completely to a comfortable reading level for me, the glare was awful and distracting- much worse than the glare on my Sony 600 that people complain about. It also wouldn't be good in sunlight, and I read outside a lot (did I mention the two-year-old part?) There's no way I'd read on the iPad over my reader.
The iPad also doesn't do enough for our family that it could replace a laptop. It certainly would be an option if it could.
So an iPad isn't for me right now, but I'll look into it again when there's more content available that I need.