Can I transfer iPad 2 to wife, keep New iPad for myself?

[PvtMatter]

I have an iPad 2 and my wife has an iPad first edition. We both have computers with iTunes installed. I have ordered a New (why didn't they rename this thing???) iPad and would like to give my wife the iPad 2. Do I have to reset the iPad2 before I can transfer it to my wife or can she have it with the apps, songs and family pictures I already have on it? IF I can transfer my iPad 2 to her, how will her computer (and more importantly Apply and iTunes) see her first generation already backed up on her computer? Will it delete the info on it now? I'm sure someone else must have the same question but I don't know how to search for the appropriate thread if it exists so please help.

 

[Semel]

If you activate home sharing on both computers with the ipad2 connected,all purchased apps can be transferred to both pc's

 

[PvtMatter]

Thanks Semel....guess I needed to ask some more questions. My new iPad is shipping 3/16 and I will have it shortly afterwards. When it comes in, I suppose I will connect it to iTunes on my computer and all info that was on my iPad2 will be transferred to my "new" iPad? Is this correct? Then I turn on home sharing on both computers, through iTunes, then I see what happens.....is this correct?