I agree with this sentiment. In my opinion, the best thing money can buy is freedom. As such, the first and foremost thing you want to do is protect this freedom. That is, make sure your money level isn't going to go below certain thresholds that impact your freedom. Of course, this involves investing, diversification, insurance, not spending too much, etc.

After that, it really is not what can you do with freedom, but what do you want to do with your freedom? For me, at least at the moment, I like to work on Internet startup ideas and help people (as best I can) who are doing the same. For you, maybe it is something different, perhaps along the lines of some of the other comments.

Finally, I think your situation just lets you slow down a bit. That is not to say you have to have less motivation, but just that you don't have to run at a million miles an hour all the time and hit potential burn out periods. You now have the opportunity to take things at a comfortable pace. And that can be a good thing for innovation because you can read more disparate things, try different projects, and even work on may projects at the same time.

You know what I would do if I had a million dollars? I would invest half of it in low risk mutual funds and then take the other half over to my friend Asadulah who works in securities...