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Do you both have the Pencil as well? How good is it? Can it be comparable in some ways to a Wacom? I have never used a Cintiq but I do like my Intuos... I know the iPad is a long way away from being on par with a proper computer set up, but as an on the go quick and dirty edit / drawing machine, that effective enough paring with the right apps?
ExTra-
Sorry about the delay, we both have the pencil. Mrs Airhead doesn't use hers because she might lose it! Bless. I have had the Cintiq for a few years and it's superb with Painter X but a large number of cables tie you to whichever computer you are using to drive it so it's not much fun to use on the sofa which is where I wanted a sketchpad. The Pencil is comparable to the Wacom pen in term of usability, maybe a little better but of course no buttons.
The downside to the iPad for me is the lack of Google Sketchup. Otherwise the top apps available are brilliant, challenging Painter X for results but maybe a little less mental to use.
I've never used an iPad before this one but I no longer use my 13" retina MacBook and I've not missed it since day 1. However I do use a Mac tower for my main storage, typing, music making purposes so the iPad is definitely a sidearm. Battery life is very impressive and it's way quicker than the laptop, although it's of course running a different OS so the comparison is moot.
Airhead
The other half has the smaller one, it's very light and incredibly powerful. Would have missed the larger screen for drawing on though, it does get reasonably heavy with the front and rear cover. I like the larger screen for watching a bit of sport while I'm away from the tv too.