$500 Toy on my Desk

The iPad 2 has launched this weekend, and therefore I among many others are feeling the all too familiar sense of gadget envy. It's an addiction. And rather than fork over yet another $500 (minimum) to upgrade my current iPad, I'd rather think this one through more thoroughly. That starts with what I really need an iPad for.
My primary uses of the iPad 1 include:
• Reading up on the latest news
• The occasional magazine
• Trying to read a book (not sure about long form reading on a screen)
• Watching a movie or TV show on Hulu, etc.
It's been a great thing to have while traveling. Small, easy to throw in a bag, and most importantly, the battery life is amazing. So I rarely have to worry about running out of batter while on a flight or sitting at a coffee shop.
But the iPad still seems to be a device without a focus. What is it best for? My phone is great for staying in communication with people (and fits in my pocket)—oh an it also does a whole other mess of stuff. My laptop (which recently became nearly as portable as the iPad—being a new MacBook Air) is great for getting stuff done—oh and it does a whole other mess of stuff. What is my iPad best for? Not sure its best for anything.
But it is great to sit comfortably on the couch or bed whilst reading something online. Is that worth $500-$800? I could also buy a magazine. Perhaps when editorial content makes its way to the iPad in a slimmer form (not 400mb mag downloads), and the screen gets more resolution, I'll re-consider.
But I do love that new smart cover. Unbelievable.
Time to buy an iPad 2.