I've handled a few. It definitely has a cool factor to it. The iTouch/iPhone OS works very, very well. It is extremely fluid and stable.
However, I find it pointless. For the price point, it just doesn't do anything. It is nothing more than a large iTouch.
Being Apple, it has very limited expandability options. No ports. No Flash.
IMO there are probably better ways to spend your money. If all you're looking for are those things you mentioned, then a $300 netbook seems like it would make more sense, although you'd have to get a data plan for it. At least with the iPad, you can get cellular data if you spend the extra for the WiFi + 3G version.