I have a genuine question. I'm not being sarcastic,but I'm genuinely wanting to know. What's the point of "waiting until the next gen"? Unless it's financial reasons. I mean,isn't then next gen ALWAYS going to be better than the one before it?
The first generation exists without much knowledge about how the product will behave and exist in the real world. The second generation can generally address the most egregious of these as well as any spec bump.
The first iPad was fine, but it was very limited (no camera, not much RAM, etc). The second generation started fixing things. The upgrade lifespan of the first generation was only a few years. The iPad 2, I believe, is technically still supported.