Depends on most anticipated use.

Consumption go with iPad. Creation go with laptop.

Although that gap is quickly narrowing.

if I had to choose, laptop. You can create & consume easier, (in my humble opinion!)

glad to hear you're not considering netbooks.

I would choose iPad. More uses for iPad. More mobile.

Laptop. While I love my iPad, it still isn't to the point I'd replace my laptop.

Laptop. iPad is a strange device - most of which my phone does better, and more portable.