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I have the original ipad and still works fine! I think that's the first time in years i kept a gadget for so long... Can't wait to get the new one on friday!
 
My wife has a 1st Gen iPad with no plans of upgrading. She also has a MacBook Air so doesn't have much in the way of apps on the iPad. We both have 2nd Gen iPod Touches (3.5 years old) which are working fine. The iDevices seem pretty solid, so should run a good long time unless they become outdated by the need to run some new app.
 
I keep all of my Apple products for around 5 years. Sure you can upgrade sooner, but I usually find that they work fine and keep going for at least that long. Most people just like having the latest and greatest. If you have the money, great, but if you can resist the temptation and look after your gear, you really can get 5 years out of most electronics. I will keep my current MBP for 6 before retiring her gracefully. One advantage is that when I do upgrade, I usually see a big jump in performance.
 
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