The iPad is what I imagine would happen if the Sylvanian Families (how's that for retro?!) got hold of the iPhone and did that whole 'big, bigger, biggest' thing they do. Except without working like a 'phone, having the ability to multi-task, or needing to get through a tiny door in a tree.
In essence, it's a ridiculous piece of technology that no-one needs, but this is what Apple are good at. They are the masters of convincing you that you need the next piece of technology. Only, the iPad's flaws are much more obvious than other technology previously, so they've got a hard sell. However, there will always be suckers to buy stuff like this.
And I would be quite comfortable in reckoning that in 5 years, the iPad will be a common sight, just as the iPhone is now, but perhaps not to the same extent. And the name iPad won't sound quite so ridiculous and stupid and like a kid's toy.
Oh, and this all said, I imagine I'll want one soon. I can feel the pull.