Almost everything Apple ever released became MUCH better with the second or third version. iPod, MacBook, iMac, you name it...
To be honest, I think they are missing one VERY important feature that even their blasted iPod Nano has, let alone the iMac or MacBook Pro... A video camera! This would be the killer app, IMO. Video conferencing, the personal videophone, a personal journal recorder... With the 3G option, it's frame rate ought to be pretty spectacular.
Why did Apple miss this..? They obviously thought that video recording (even more so than audio recording, strangely), on the iPod Nano was a feature that everyone would appreciate. So why not the iPad?
I'm a big Mac fan, as most here know, but even I'm not tempted quite yet. Wait for the 2G or 3G version, IMO...
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An arranger is just a tool. What matters is what you build with it..!