Keep in mind you are syncing over a USB2 cable, so data transfer will about as fast as any kind of transfer to USB flash or external hard drive. The first time you load content will take a while, especially if you are like me and dump 32 or so gigs worth of video into the thing.
Unlike your standard iPod (not the Touch as that is an iOS device), the iPad will have Tabs for Apps, Music, TV Shows, Movies, Books (audio and ebook), and Podcasts. From these tabs you can control what does and does not get synced to your iPad.
Right now I actually only have it managing my Apps on my iPad 2. I've turned it on to Manually Manage for movies and audio (I have not put audio on... that's what my iPod Touch is for
).
Also be aware that in the Apps tab, when you scroll down you will find all the Apps that have internal storage that is accessible by iTunes. This is handy for things like GoodReader or Pages so you can transfer document files to and from the iPad by USB through iTunes if need be.
Another trick I've found in managing my iPod's music was to create a Smart Playlist that looks for the line "For iPod" in the comment section of music. I then sync just that smart playlist to get my master collection of music I want only one my iPod synced. If it comes down to it I may eventually do the same thing for my iPad, creating a new smart list looking for "For iPad" that way I can keep the two syncs distinct.