The iPad is the perfect devices for parties: just fill it up with some good music, some great DJ apps and you’ll see people gathering all around it trying to touch the screen, put on some tunes and tell you “dude, this thing is awesome”. It happened, and it happened before with the iPhone.
The iPad is also a great single person media-consuming device though. I watch movies with it, I have podcasts synced with iTunes and I definitely spend too much time browsing the Youtube application. I also installed this neat Tune Frame app as well, and I think you should do the same.