There's potential for jailbreaking, but it's not (yet) available. If you check the hacks section, you can stay on track and learn about any future options that are released.
As for capabilities, if you've never owned an iPad before, there is plenty that the device can do. Aside from games, music, loading movies, and internet browsing, the cameras on the new iPad 2 enable FaceTime and picture taking features/editing (Photo Booth) unavailable on the original iPad.
I own an original iPad, but I've played with the iPad 2 at Best Buy, and I'm very impressed with the integrated cameras and speed. The screen also looks slightly nicer, but it could have just been psychological. Developers will have to take advantage of the double memory, speedier processor, upgraded graphics, and other new implementations in the iPad 2 before we can truly compare the added capabilities.
-C
EDIT: I just realized you're the OP on another thread about using the iPad 2 as a laptop substitute. Since you've already got the iPad, I'd recommend keeping it. Using it alone would be a bit impractical, but using it while having a laptop would be perfect. It's just so much more convenient carrying it around instead of lugging a laptop to class (unless it's a MBA...). I've found the iPad so much better and convenient for taking to work over my MBP, and I've appreciated the tasks it's capable of for mobile productivity as well as mobile entertainment on the couch when I'm just chilling after work.