I wish they would be replaced. I hate college textbooks. They bruised my arms and hurt my back.
and they take up space in a dorm room where space is a premium! I guess an iPad would be somewhat susceptible to theft but if you have the 3G version, you can track it from mobileme if you have that and possibly hunt the thief down. The plus side is that since you can restore your apps for free, and will have the backup images on your mac (which you presume-ably would have backed up on mobile me or other removable storage, your loss will be quite minimal), you can just go grab a new iPad and be back in business quickly. I'd just chalk up the stolen iPad as a cost of education. pretty sad that students will resort to stealing stuff instead of going out and finding a job.
i guess the iPad can also promote distance learning, my favorite part of distance learning is that I control when I study, whether it's at 4am or 6pm, it's up to me, as long as I meet the deadlines, i'm good. I can start a course in India, take the first midterm in London, do more homework in Australia, take the 2nd midterm in Argentina, do more homework while in China, and then fly home for a few days to go and take the final! Only the final would have to be on site, everything else, I am free to do wherever I may have a connection to the WWW and I can work faster if I wish and get stuff done quickly.
Universities really should make most intro level courses distance learning, there just isn't much of the course where peer interaction is that crucial, like freshman calculus, intro stats, intro economics, multivar calculus, non-lab parts of chemistry/physics/biology, intro pol sci, intro history, intro to logic, etc...