no.. just get ipad 2 wifi $499
Only jump on your deal if it's ipad 1 32GB 3G for $400 (since price difference is so big and also I am assuming you don't have smart phone to tether to and you are on the road a lot).
Just remember, apps are what drives these things(hdd capacity means nothing in ipad UNLESS you are relying on ipad as your main computer) and within 3 to 6 monoth all the great apps which utilizes new cpu and graphic power of ipad 2 and ipad 1 will be lagging.