judging by his original presentation, though, the ipad was almost entirely a device for consumption. the same thing could be said for early ipad commercials. i don't think it's too much to say that the ipad was created as a device for viewing/listening to stuff for sale in apple's store.
Apple's January 2010 announcement is available in the iTunes library
here. In the announcement, Jobs demonstrated all of the built-in apps. Extensions to the iOS SDK were released the day of the announcement. A few developers had early access to the SDK and their iPad-aware apps were demoed at the keynote: MLB.com, a couple of games, and Brushes, a popular app for doing drawings on the iPhone and iPad. Third-party iPhone apps would run unmodified in doubled-pixel mode; developers rapidly updated their iPhone apps to be iPad-aware.
One interesting note: at the iPad introduction, there were around 150,000 total apps in the app store. Today, there are over 425,000 total apps and over 150,000 apps designed to work exclusively on the iPad.
Apple also announced the iWork apps at the rollout: Pages, Numbers, and Keynote. Those apps were certainly capable of content creation, although I think they were better suited for touch-up of content.
Apple announced iMovie and Garageband in concert with the iPad 2 announcement in March of 2011.
i am not well-versed in ipad history, but my impression is that developers helped push the ipad in the direction of content creation. although the op wanted to know what the ipad is "for," i think a more interesting question would be, what can the ipad do?
Developers have definitely gone in all sorts of interesting directions. Some of them are hardware: the Alexis IO-Dock provides a cool way to do remote recording with the iPad. It gives you inputs for 2 microphones (phantom power available) and MIDI. This is great equipment for podcasters or for bands to record a practice session: all content creation.
There's an active thread here about using an iPad for airplane navigation with electronic navigation charts and GPS. These kind of functions have been done for years in large commercial jets, but the iPad can do many of those functions far less expensively. This use is a bit beyond simple content creation, because some applications are integrating the pilot's position with the charts.
Wolfram Research has been hinting that they'll have some version of their CDF player for the iPad this year. Currently, the CDF player is available for free for the Mac, PC, and Linux machines. It's essentially a read-only version of the Mathematica engine that plays simulations/demonstrations that were authored by users of Mathematica software. Wolfram maintains their own flavor of a curated app store for CDF files (they're all free)
here.
Most would characterize playing CDF files as a passive content-consuming activity; I'm not so sure. A well-crafted CDF file can allow the user to create novel initial conditions for simulations and then run them. At the very least, users of CDF files gain all sorts of insights about the dynamic systems being modeled. The CDF player wouldn't be a new app, but it would be a new intimate setting for Wolfram's magical visual learning. "Content consumption" seems to be a bit inadequate to describe this activity. I strongly encourage everyone with a PC or Mac to explore the CDF demonstration files.
a short answer would be: it does a whole lot more than any smart phone, and while it does a little less than a laptop, it is (in steve's words) more intimate, and certainly more portable. that's useful to some people. not so useful for others.
Hear, hear.