And I think the "expensive toy" trope is pretty passe at this point. I have an IDE (AIDE) running on my phone, and since it's a Droid 4 with a keyboard, it's really pretty usable for projects of modest size. And the debug cycle is ridiculously easy, unlike running a phone emulator on a PC.

The fact that you have to jailbreak an iPad to be able to write code you can run locally seems like a defect to me, but that doesn't mean the tablet form factor is a waste of time, just that the iPad is not my particular cup of tea.

And iPhoto, iMovie, and the myriad of music applications provide the opportunity to do all sorts of creative work on a lightweight device that gets fantastic battery life.

I'd say that's more than enough to take it out of the toy category, and into the "very affordable PC substitute for many applications" category.