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I think it has a lot of possiblity on how information can be presented, accessed, and manipulated. However it requires a change on how school material is organized, to just say ebook turns a 5" stack of books into a electronic device. That will fail (see various studies on kindle and sony ebooks).
Create a wiki or wave (google wave) styled set of resources that are used by a teacher as a starting point, and then allow/encourage students to find and bring in additional materials you will have a richer experience. If you then make them provide explanation as to why that additional content is useful and how it is relevant/linked you have a good start of a semantic learning map of content, and a type of assessable and trackable learning. I think this becomes a more authentic learning experience.
This is not limited to iPad, in fact the the Courier (former Microsoft Project) with the dual screen setup may be a better interface for this, as it could allow the class content to remain present while additional content is found and organized / linked.