As I've posted before, I don't think users have much right to complain about new features only being available to later hardware. That is reasonable, and the nature of continuing advancements in technology.
However, this link is a good explanation of why I think Apple really needs to release security / maintenance updates for older devices for longer though:
http://support.apple.com/kb/HT5503
That's not a list of fancy new features requiring newer hardware that the older RAM-poor iPad can't handle is it? It's basic security stuff that, in my opinion, Apple has little excuse in not attending to. Certainly for longer than they appear to be doing at least.
Failing to reasonably support older devices dissuades users from buying products from the same company again. Apple should view security updates for devices like the iPad 1 as basic customer retention.
I am intrigued by the possibility of the iPad mini. But the speed at which Apple appear to be dropping all support for the original iPad makes me pause for thought as to whether I would buy one, unless the price is so much cheaper that I wouldn't care about it being abandoned by Apple in under 2 and a half years.
Poor security affects everyone using the internet. People getting hacked or phished etc ends up with more money going to the bad guys, who are incentivised and supported in doing more of the same, against everyone. No new features? Fine. But at least give us security updates Apple, for the good of the internet, if not your own customers.