Well.... Basically what you have there is a portable version of the 3G chip that Verizon puts in its phones (as an aside, if you have the 3G iPad you will have the micro-sim card slot that all 3G iPads come with as well). The benefit is that you will have the same signal quality that all other Verizon users have in most areas.
You can also use that thing with other wifi enabled electronics because it is essentially a data modem / wireless router combo.
The important thing to remember is you have a monthly data cap that will become very expensive should you exceed it. When you own iPad goodness that cap doesn't sneak up on you... it comes running after you like a hungry speed zombie looking for lunch.
