Yes it is an expensive toy... (So in fact is my dual screen iMac desktop, or my stereo system I do not actually need either of these things but I could afford them so I bought them)
But it is also the best media consumption device ever invented.
It also has the potential to become one of the the most useful pieces of technology ever invented.
I have already seen it used by a politician in parliament to read a speech from.
Newscasters use it instead of a screen.
Students use it as a book replacement.
I would not be surprised if NASA used it with astronauts to help with pre flight checks.
Sailors use it for navigation.
Some of us live in a very privileged position where the owning of gadgets or expensive toys if you will are a possibility, now I am not bragging or anything like that because I feel we should be very grateful for the possibility that we can acquire such things.
However lets not fool ourselves, every thing we own from the car we drive to the clothes we wear are all privileges of luxury. Many people in this world do not even have food to eat, this should be our main concern, we should not be arguing over whether or not a piece of equipment is actually a toy or not...
Stuff gets invented, great lets find ways to use it to help other people or just sit back and play angry birds the choice is yours.