There are a few of shortcomings that make me say yes and no.
It depends on what you are looking for.
It's not a complete PC replacement but superb as a portable for traveling coupled with a desktop at home or in the office though.
The display is excellent but it's not as easy on the eye for reading books as the e-ink on devices like the Sony Reader. For all other uses (online news, email, web browsing and so forth) it is great.
Again for reading the iPad is a touch too heavy, particularly for reading in bed. It does work pretty well though and I might stick with it for this.
The 'keyboard' is not something you'd want to use to write a novel or even long emails. It's hard to get formatting right too.
It's personal, you won't be sharing it as there is no obvious way to set up multiple users (although there's probably an app for that)
On the positive side it's device that can fill a very a huge range of useful functions in homes and offices. A little effort to configure it to your need will repay many time over.
I'll be taking a macbook with me when I travel as I don't yet see how I'd use the iPad to blog.
Overall for me it's an 8 out of 10