If you want it in case your iPad breaks due to dropping, spilling or something like that, AppleCare is a complete waste of money as it doesn't cover accidental damage. A lot people will AppleCare thinking that it will cover accidental damage and are disappointed when their iPod/iPad/iPhone breaks, find out that AppleCare won't cover the repairs and end up shelling out around $200 for the repairs. Also, if you want it just in case there's a design flaw or a manufacturing flaw, I wouldn't bother with it as Apple's design and manufacturing are both very good. The only Apple product that I've purchased which has a design flaw is my 4th generation iPod Touch (the glass of the screen sticks out a millimeter, which makes it vulnerable). Honestly, the best protection is a good case. A good case will protect your device and will cost less than AppleCare and the repair costs as well as saving you the devastation which will ensue when an unprotected Apple device becomes damaged.
Absolutely incorrect! Did you do any research before you posted? AppleCare is no longer sold for the iPad, iPhone, and iPod, it has been replaced by AppleCare+, which does cover accidental damage. You also get two years of free telephone technical support, up from the 90 days included in the basic warranty.
Here is what Apple has to say about AppleCare+. http://www.apple.com/support/products/ipad.html