Love my iPad. Like Joe, running a web development firm we need to be aware of the limitations on these devices, however, as such, we've chosen primarily to advocate jquery where our tradition home page flash sequences would reside.
The primary reasons are - for one, you can't ignore the fact that there will be over 12 million iPads out there, and the 20 million iPhones in existence therefore - to design something those mobile users can't view seems short-sighted. But that factor aside; more importantly, there are SEO advantages of jquery based animation design. For us, that's the tipping point.
I use my iPad all the time. And my 24 month old uses it all the time to (along with my iPhone). That tells you that when a 2 year old can pick up a device, launch apps, flip through photos, watch videos - all with no instruction - that Apple really is on to something. I use it to read books, watch Netflix while I'm training on bike trainer, read the news on, and listen to my whole music library. I'm also writing portions of my book on there, as frequently I wake up at night with ideas I want to get down.
Yes, I'm a fanboy if you want to call me that. We run half dozen or so 27 and 24 inch iMacs here in my office. And in full disclosure, I own Apple stock as well. When the Verizon iPhone comes out in early 2011, there will be another huge wave of iPhone users, which again, will be more reasons to not design with Flash (in my opinion).