It's great for college students, it will allow me to surf MacRumors on a larger screen during my statistics and finance courses.
^ Very funny!
As a history major I can see practical benefits to something like this - but maybe a few years down the road. It would certainly be nice to have something that could hold all of my textbooks (as opposed to lugging around 5 or 6 textbooks on any given day).
That fact aside, and the fact that I like to tab, highlight, and write all over my textbooks, I don't even use a laptop for note-taking because it would be too slow and ineffective - not to say I'm not extremely fast at typing, but simply because the way I organize my notes simply isn't conducive to the top down approach that a computer takes. I daresay I would spend more time formatting than I would just writing them out on the fly. And, without a physical keyboard on an iPad, I see the problem as being infinitely worse.
That being said, I can see in the long term that the iPad will support a stylus and then I would be able to take digital notes in my non-conventional way. If that actually happens, then the functionality of the device would drastically increase for someone like me. Likewise, I might be able to write over top of my e-textbooks, highlight things, and do a variety of other interactive and productive things with digital textbooks - like highlight and look up terms right from the book itself. I think the long term benefits of a device like this would be almost immeasurable - but that's all contingent on what developers bring to the table.
For the time being, however, I think I'll stick to my binder, textbooks, pens and paper.