The iPad 2 is a great product, don't get me wrong. But I don't absolutely need one now and it's more of a lesiurely device.
I'm a first year medical student. I've read the iPad is great for annotating PDFs, taking notes, etc. But after using it for a few days, I'm not convinced it would be as great of an academic tool as I originally thought, and reading actual books and writing actual notes, for me at least, may facilitate learning better.
For web browsing, facebooking, twittering, e-mail, calendar and the like, it's great. It was very fun to use. But all things considered, it became more of a toy rather than something that would help me out in school.
And if it's going to be more of a toy, I can wait out for a better product with retina display that will keep me happier in the long run.