Okay I got an iPad, and guess what? I am still reading on my Kindle. The iPad is more like a replacement for my laptop (for some things) and my iPhone (for other things). But, as many have pointed out, reading on a backlit device is harder on your eyes. Add in the lighter weight, and easier portability, and you know why my Kindle is still my default reader.
I wrote an article comparing them before I even owned an iPad, and I now know I will keep my Kindle for a long time to come.
http://suzy237.wordpress.com/2010/06...kindle-killer/