Have you tried reading PDFs on it yet? I'd be interested to know how it behaves.
Also - can you delete podcasts from the iPad without having to sync through iTunes.
It beats the pants off of every other e-reader out there, soundly. The only thing missing is e-ink and that cuts both ways as that's part of the reason it's so responsive.
PDFs work great. I'm using GoodReader which was .99. I'll pay more for more features if another pdf reader comes along that looks good but this will do. It renders both landscape and portrait pdfs well. Swapping pages is near enough to instant on reasonably sized pdfs. Large pdfs, like Pathfinder work as well though page switching is slightly slower.
Worth the price as an e-reader alone. Between iBooks, the Kindle app, and GoodReader (or something similar) you've covered all your bases.
You can delete podcasts from the iPod app.