I was just lurking around on the front page and saw your post. As a senior in college and as an English major myself, I really wanted to let you know my experience with my iPad! (I should be writing an essay now too, and more on that later!)
A lot of my classes have required reading novels, ranging from Invisible Man by Ralph Ellison to Man in the High Castle by Philip K. Dick. Most of them, save for the classic stuffs or obscure, independent titles, are probably available in iBooks and/or the Kindle app. You even have .pdf readings and supplements that your professors may give you. Up til this quarter I had been buying most of my books in physical form.
In contrast to other quarters it was nice not having to carry around 2-3 books in my backpack. I find reading on iPad to be a pleasant experience but I think that depends on personal preference. To me it's definitely different than reading on my MacBook. I find that zooming in and page layouts were an issue for me.
The only thing I don't like about it in comparison to physical books is the ease of picking up a physical book and leafing through it to find ideas to write about. Maybe it's just me -- I think it's one of the things that helps me get started on my papers.
Obviously iPad doesn't just do books, and there's one app out of many that's worth mentioning, and it's Notability. It uses the iPad's mic to record lectures while you type your notes out. The killer thing about it though is when you review and tap to a part of your notes, it plays back what was being said at that point in time.
And like the previous poster said, be safe with your electronics. You have some pretty nice stuff even without the iPad. Don't leave your stuff unattended a year from now.
If you have any questions, let me know and I'll get back to you on a study break.
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And on the topic of writing anything long on it, I still would rather use my MacBook Pro rather than my iPad. If anything think of iPad more as a supplement to your MacBook Pro to take notes with in class, check emails from, Facebook stalk, and play games with.