What's to get excited about though? I'm sure all the Apple fanboys on here already have iPhone's, what's this going to do that you can't do on one of them, only on a bigger scale?
Read comics!
My take on it is that while the iPhone is extremely small (you can pretty much take it anywhere), and it's great for light content consumption (reading, watching, gaming etc.) and very light content creation (writing, pics/videos), the iPad trades off the iPhone's extreme portability for far more comfort in reading and watching, the possibility of great multiplayer games, and fairly decent content creation abilities. You can probably make a pretty decent presentation on an iPad. Things made on iPhones generally only impress when you know they were made on a mobile phone.
It'll be a very good ebook reader (particularly for comics and other graphical stuff), a decent enough video player, there will be some sensational games, and some very creative apps for this or that hobby, and a huge number of in-house applications if Apple makes corporate device management possible. Off the top of my head, multimedia cooking apps; geocaching apps with lovely, usable maps (the 3G iPad has GPS, too); all manner of administrative apps for teachers, stock-checkers, order pickers etc. There must be a million uses, in all manner of businesses, that the iPod Touch was too small for to be sufficiently productive.
Personally, I seriously think I'm going to get one for work. For years I've carried a
tiny set of speakers and my iPod/iPhone with 30+ CDs of listening exercises, replacing the ubiquitous CD player and stack of CDs. The iPad will allow me to do the same with my textbooks. It'd be great to have 30+ books in my bag for less than the weight of 2. I wonder if you can photocopy an iPad's screen.