PC Magazine gives a good overview of the iPad in this video review. The iPad lets you surf the Internet in a similar manner to the iPhone, but with a much larger screen. The iPad is designed for entertainment with software for watching movies, reading ebooks and playing games. One major drawback, is the iPad's intentional inability to read Flash. Apple wants people to buy movies, tv shows and games, not watch or play them free on the Internet. Take a look:
You can read more about the iPad as an ebook reader here and more about the iPad as a gaming device here.