Most sources are trending towards a Feb announcement and an April release for Ipad 2. In terms of buy now or wait, what I considered (I got my Ipad around Thanksgiving last year) is the Ipad itself. Review it's specs, features, apps you may be interested in, etc. And does this fill a need or want for you today? If so, you should pick it up today! Just think about - with Apple's product refresh cycle - you could buy Ipad 2 the day it comes out, but Ipad 3 most likely won't be but 12 months away... Personally, I'm ecstatic I got the first Ipad. I'll take a good hard look at 2, once released, but more than likely hold onto 1 until the next round and decide all over again.