According to a recent research, students are using their iPads (both owned and borrowed devices) for course-related activities as well as personal use. Students use the iPad primarily for reading and taking notes, but prefer it for shorter, briefer tasks, and use laptops for larger projects. See how students are effectively using iPads in Education.
http://www.onlinecollege.org/2011/11/18/evaluating-the-ipad-in-higher-education/