Oh, allow me to brutally disagree!
Can you use MS Word on an iPad? Yes. Is it as good as using Word on a Mac ten years ago? No, not even close.
Maybe, for you, writing a document is a "power-user geek" feature, but for me, a word processor is a pretty basic computing function.
I have a very poor opinion of Apple Computer these days. Their management does not understand the Steve Jobs message AT ALL. If Steve did a keynote today, and I stood up and said, "Hey Steve, selecting text for copy/paste is really difficult to do on an iPad an iPhone," he would agree, and he'd do something about it. The guys running the show now are obsessed with how thin the device is, what wallpapers it includes... but they really drop the ball on basic usability in so many ways.
I'm hoping this new iPad OS is the rock star we want it to be. I'd love to be proven wrong. Let's see how well Copy/Paste works, or whether word processing gets any better.