I will consider next year. The iPad would be just a luxury item for me and not a necessity. I never buy the first generation when it comes to technology. I'm certain next year's model will be retina display and ,of course, improved internals. I will go to my nearest Apple store and check it out though. I do like the thinner bezel on the sides compared to the original iPad.
In general sense, two general things are exclusive on the iPad just on screen real-estate alone. They don't seem like much, but they actually affect what's possible with any program with iPad-specific programming.
1. Screens with various windows and panel overlays to perform pop-up-window tasks while leaving the rest of the screen visible behind them. The behind screens can technically be in motion while utilizing pop-up panels. It's one of the things desktop, laptops, and tablets do that phones don't.
2. Practical use of reading more fingers utilizing multi-touch. Phone apps generally stay to 1 or 2 fingers for much of any app, maybe 3 for a single stroke. iPad's screen allows for more fingers in use comfortably and practically. So while a lot of programs may not utilize such levels of multi-touch, there are some that can. Certain art programs, some games like Traffic Control, and various games which act like parlor-tabletop multi-player games utilize this only on the iPad. Not to mention, the practicality of various music-creation programs like Garageband is just not viable (the same way) on the phone.
Also, try entering data or working on the iWork apps (Numbers, Pages, etc) on an iPad as compared to an iPhone. Only one of them emulates a near full-size keyboard. Makes quite a difference. But considering that with *more* work, it is possible on an iPhone, so I'll leave this one out. Stuff in 1 and 2 are stuff you just can't fit on the phone