What is the iPad good for?

So I don't have an iPad yet. I'm not one to jump out and buy something on the first day. However, I do think one could improve my workflow a bit.

Checking email, managing my todo lists, working in Basecamp, looking up documentation, and other internet related tasks could be a lot less painful for me with an iPad. Diagraming site-maps, preparing Keynotes, and editing my teaching notes could all be done with very little effort on the thing.

I think it could make my laptop become the "Real Computer" that I use for work while the iPad could be what I use for project management and communication. And that is appealing to me.

I'm just not sure if it's $499 appealing. Yet.