The iPad is an amazing piece of technology, and like any piece of technology, it's characterization as tool v toy is completely up to its user.
Let's step back from the iPad for a minute and look at the iPhone. I think > 90 out of 100 people would agree this phone is one of the top 3 most technologically advanced phones to date. It can do everything from make a phone call, text, play fps real-time network games, be used as a medical dictionary reference, compose a song...you get my point. Yet, if I just picked 10 of my friends and analyzed how they used their iPhone, I'd have to report that they mostly play mindless games, go on facebook, and text - not very sophisticated stuff (falling into the toy category). Why they use it for these things is another topic - because how they choose to use their phone is a different discussion of how they CAN use their phone.
This same idea can directly be applied to the iPad. What this machine has the capability to do is unbelievable. Personally, I use my iPad for work, consuming news, and communication. I take detailed notes and drawings on it for my UX work, sync all my files with dropbox, read the interactive WSJ app daily, and answer most all emails & iMessages from it. It is strictly a tool (not a single game is installed)...but again, this goes back to the user not the device.
My point here is, I think your question is really asking, what is our society using technology for? The answer is, because technology is so cheap (relatively), the majority of people who are using iPads or iPhones today are not all engineers who are building tools (like was the case 20 yrs ago) - they are people who just want to play around with it and really can't take advantage of its technical capabilities or have no interest in that aspect of it.
Let me know your thoughts...do you agree? I understand your question was just to more or less poll people on how they use it but just thought I would add my $.02 on the general topic.