I have an iPad 1 and a TouchPad. I grabbed the TouchPad during the first wave of the fire sale. As far as browsing goes, I was actually quite impressed by the touchpad, especially with Flash content.
Now, for hypothetical sake, I'll ignore the price difference. If flash is important, then the TouchPad wins out, but for an overall browsing experience (albeit with no flash) the iPad wins for me. It is much smoother, and more polished overall.
However, in the real world, price most certainly is a factor. As just a browser, I am undecided which would be the way to go. I do like my iPad much better, but I don't know if its at least twice as much better (5 times for me).