The thing I miss about using my PC is the dual monitors. Whether I can look at two files and reference them back and forth without having to switch windows or "Spaces". I also like to stream live sports like Euro soccer, basketball, boxing, etc. while I'm working on my assignments. An extra monitor would really come in handy for me.
I'm pretty set on buying an iPod Touch but if the iPad has that functionality I'm looking for, I'm thinking it might be worth the extra benjamin or two to upgrade to it.
While I think it's unlikely that the iPad could act as a second monitor for your desktop/laptop computer, the things you mention could be done on an iPad by running separate apps on it. Like you could open a document reader on an iPad and open the document you want to reference, or you could run a sports info app on the iPad while working on your laptop. If you are set on getting an iPod touch, then I believe the iPad is definitely worth a look.