I think I'll use mine for:
school. I have three more classes left before I become a full time student teacher and then become licensed, so it will come in handy for taking notes and even writing papers in the library when all of the computers are full (I plan on getting an App for Word, forget what it's called now).
reading. Once I have some spare cash I plan on taking advantage of iBooks.
web browsing. I have a laptop, but it's slow and I'm going to try to conserve it as long as I can (because I can't afford another one right now), so when I'm at home (or somewhere with WiFi), I'm going to be using my iPad to browse the web and look at news & sports apps.
movies/TV. I'm hoping I figure out how to use Handbrake. I obtain the occasional movie and would love to play video content on my iPad.
games. I have an Android phone, 4 inches, but to play Angry Birds on the iPad 2 screen? Yes, please!
email/calendar. It's basically going to be a laptop replacement so I will also use this to read my email and keep track of my schedule on the calendar quite a bit.
FaceTime (& Skype). I'm the most excited about this. Gotta love the front facing camera (though, I know, people say the quality sucks) to do video chatting.
It's basically going to replace my TV (in my bedroom that gets 0 tv stations, can just play DVDs, and is 7 years old... it's sort of dying), my nook (which I sold to raise $ for the iPad), my netbook (which I also sold), and my phone, in a lot of ways.