I'm using it to take notes in class and it's awesome. It fits really nicely on our desks (much more so than my 15" MacBook Pro). I haven't found a very good notetaking app either though. Currently, I'm just using Pages with headings and bulleted lists. It would be nice if Apple brought over Pages for Mac's outline functionality with gestures for changing the indention level.
Landscape, because I find using the portrait keyboard difficult for long periods of typing. Unfortunately, this means that the formatting controls are not visible unless I turn the device. Hopefully Apple addresses this in a future update.
I preordered mine. Despite the first couple of days of unadulterated enthusiasm, I'm thinking about sending mine back this week. No killer app. Not a meaningful proxy or replacement for my iPhone or laptop. And, I get bad eyestrain if I use it to read for longer than 20-30 minutes. It certainly hasn't lived up to the marketing mantra of 'magical'.
Up your font size? I've read 6 books on mine already (in iBooks and Kindle app both), no eye strain problems. [And strangely enough, I like the Kindle app better. Just wish there was a way to put my non-kindle ebooks into it].
Main uses so far... book reader, and watching video courses while being able to code/take notes on the laptop.
I think we'll need to wait a few months for the real killer apps to show up. The really great ones take time to code, and it takes time for people to come up with brilliant new ideas. When the iPhone first came out it was not very interesting either - it became an indispensable device only 3-6 months down the road, as amazing apps started coming out.
I've been reading a lot more on it than I thought I would.
I thought that having a multi-purpose device would create distractions, but instead it gives me more opportunity to read since I bring my iPad with me more than I did the Kindle.