It has replaced my laptop for the most part for business needs. As mentioned above, it is great for email, reports, light word processing/excel. I can connect back to my office desktop if needed to do some minor research on items that I may need access. My calender, contacts, etc. sync from my office also.
I use the following apps for business application:
Dropbox - good for having documents offline and sync up documents to/from your office computer as needed. I use this for reports, agenda's, etc.
Quickoffice - to view/edit word processing reports/excel reports.
Evernote - to sync capture notes that I want to hold onto for whatever reason.
PocketCloud - to connect back to my desktop, as needed. Works pretty well.
LinkedIn - keep up with updates, industry news, etc.
For my personal life:
My bank app - can do some online banking via it.
WeatherBug - to keep up with the weather/radar when needed.
NetFlix - to watch movies, etc.
Credit Card - to keep up with my account, etc.
UrbanSpoon
Skype
Kindle - to read for personal and business
FlipBoard - to keep up with news sites, twitter, etc.
Spotify
Pandora
Google Music
Kayak - travel app
Overall, it's been good for both personal and business applications. Easier to read and watch movies, etc. on the Ipad than on a phone. It's also easier to perform business functions on the Ipad vs. a phone. The bigger screen just makes it easier.
I purchased the apple keyboard, which links with the Ipad and creates a mini-laptop of sorts to do more heavy typing if needed.
I'm sure there are endless more task/items that it can be used.