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Personally, if I was in the market for this kind of device, I'd get an Archos 9 PC tablet. It's only $50 more, and you get a webcam and a real OS (not just a cell phone OS).
I think Apple lost an opportunity to put an updated version of OS X on this thing. Sure, the iPhone apps get all the hype, but they're very limited, compared to what you can do with a full-blown PC OS.
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I agree... It's tough to go from one wait to another, but I'm now waiting to see how the HP Slate stacks up. It's got a similar form factor to the iPad but will run full Windows 7. You can read just about any ebook on the planet on that thing and have full access to the internet and your favorite PC applications.
The iPad is very, very limited compared to the HP Slate (if it delivers).
Personally, I'm more than happy with my 505 for e-book reading. A tablet would be for comics, web media, and drawing apps.