Absolutely fantastic deal, definitely wouldn’t return it.
While I’m sure the M5 will be great The fact is that it probably won’t go on discount for several months, and the cellular 11 inch iPad Pro *already* starts at $1200+tax.
And (yes I’m going to go there) we are talking about an iPad.
Yes, iPadOS is getting better and the app ecosystem is improving, but there is still barely anything out there for iPadOS that the current M4, or the M3, or even the M2 and M1 can’t just zip through like butter. Even with extra RAM, iPadOS still very much limits ram usage pretty heavily.
Only you know what’s important to yourself, but in my personal opinion, I don’t think an extra 4 GB of RAM and your typical year over year spec boost is worth an extra $400+tax.
Also even with the M4, we’re still talking about a device that will be well supported into the 2030s.