I bought a touchpad, but am selling it leaving me with my iPad.
The hardware doesn't feel nearly as solid as an iPad. It doesn't feel cheap, but definitely not worth $499 like the iPad. The screen is nice, but mine has a lot of backlight bleed.
The software is pretty good, except for the fact that it is fairly laggy out of the box. Scrolling in the mail app is very choppy and HTML emails take a second or two to load when you tap them. The OS itself is great, other than the slowness. I was able to help the speed by changing the CPU clock speed to 1.5Ghz, but it only helps so much.
The main issue with the touchpad is that there is no software available for it. There is no way to look at Touchpad only apps in their app store. So that means most of the time you will be looking at apps designed for the pre, which can't be scaled up.
Overall it works well as a web browser, bunt is still limited in that because it uses flash for video and on many video sites other than YouTube the video is choppy.
For a $99 tablet it is not bad, but for a $500 tablet it is terrible.