It's not a standalone computer (so you need a desktop or laptop to manage it) and the on screen keyboard is mediocre, but there are a lot of great uses for it. I keep articles on it rather than carting the paper around, as well as lots of ebooks through the Nook application. When I travel I take just the iPad so it takes only the space of a spiral bound notebook and lasts 8-10 hours without another charge. I also watch movies on it through Netflix or offline with an iTunes store rental, have a medical calculator app, have the entire Merck manual, and download maps for wherever I go before I leave so I can access them offline. On away rotations I have found that I don't need anything but the iPad (when was the last time you wrote an essay anyway?). It handles email, music, web browsing, and most other basic computer functions easily.
So in the end if it is either/or for a traditional computer or an iPad, go traditional computer all the way. If you have a computer though the iPad is both a fun toy and really useful, you just need to find what it can do beyond browsing the web.
Oh, and it is apparently possible to fully access the EMR at our hospital with an iPad. I haven't bothered with that but given the scarcity of computers on some floors hopefully you can see how that could be beneficial.