If you are holding Ipad over your head for reading books or magazine then you should just get yourself an ebook reader or cheap kindle fire especially for that. Then keep the Ipad. You wont realize it now but once you change from Big screen retina to smaller 7 inch tablet then you will know how uncomfortable it would be.
Ummmm, I own a Nexus 7. I know what the difference in screen size is, so to check email, browse the web and run a few apps, 7" is fine. 7.85" will be even better.