Something as basic as email can provide anyone with a wealth of information, sometimes even personal information. Even something as simple and meaningless and ones credentials to MacRumors can provide and possibly ultimately leak personal information. In summation, an unpatched machine no matter the OS is a ticking time bomb.
But how likely is it for that bomb to go off? Is it as likely as getting hit by a car while walking down a street? Winning a lottery? Getting hit by lightning? Or is it more like a football player spraining his leg while getting tackled? Or perhaps as frequent as rolling a double 6 in dice? What exactly is the degree of risk we are talking about?
And I think you indicated earlier that the exact risk is hard to know. So there is this unknown risk factor, vs having an iPad that is reasonably speedy. I think we all have to just decide for ourselves what we feel comfortable with.