If you are using AMEX points - really do the math first. It is almost always a MUCH better deal to trade the points for store gift cards and then use the store gift card to purchase something than to buy it directly from their 'points store'. See how many points that iPad 1 will cost you, then see how many points it would take to get Best Buy gift certificates for the amount of the equivalent iPad 2. I would bet you could get the iPad 2 from Best Buy using gift cards for less. Granted you will need to wait a few weeks for the supply issues to sort out before you can just walk in and buy one, but you've lived this long with out one another month or two wont matter.
Edit: Not 100% sure AMEX does Best Buy, but see if they have gift cards to a store that will eventually carry the iPad 2.
After some research I've found that Amex doesn't work with Best Buy and I can purchase an Apple store gift card for the same points ratio of 160:$1. On my Citi Thank You network, they DO work with Best Buy and a $100 gift card is 10,000 points making the ratio 100:$1. Way better, but the shipping time is supposedly 1-3 weeks. Awful. With the dwindling resources and lack of shipping options on their website, I think that'd be quite a risk. So I'm back to square one, thought I can still buy a gift card and purchase the refurb for $100 less in that case.