Especially if you don't care about having the cameras and don't need the faster chipspeed in a newer model. I use my iPad 1 so much now, primarily for content consumption, not creation, although I also do take notes, work up the odd spreadsheet or play a game now and then. But I mostly read books on it, watch movies, use websites, run a few productivity apps and then stuff like How to Cook Everything, some reference tools like World Factbook, a bird identification program, moon phase programs, Mac Tracker... I never even set up mail on mine, I use the iPhone for that. The iPad 1 is just really a big, wonderful information and entertainment server, the way I use it.
If I moved someplace that had high speed broadband (I've given up thinking it will ever come to the boondocks), then I'd probably get a later model of iPad as improvements come along in display and handling of higher density movies. Meanwhile, I'm content with iPad 1. In fact if I didn't have one yet, I might still hunt down an iPad 1 instead of a newer one. For the money, and not needing the cams.
The camera is also very poor, the recorder is fine but how much would you use it anyway? Love the design though but I rarely use the camera or recorder.