The iPad is a very nice ebook reader and one of the best PDF readers I have seen.
However, you should never buy a book from iBooks for two reasons (in my book, if you will pardon the pun):
1) You cannot read your iBook purchased book on your PC or Mac. There is no easy iPad to PC/Mac solution out there (although there are some $30 third party solutions out there).
2) Apple makes it very hard for independent (small publishers), or self publishers, to sell books on the iBookstore.
Lesser reasons include no ability to lend, especially cross platform, because there is no iBook application for any device other than a iPhone/iPod/iPad. No PC/MAC/Android reading allowed.
Better to buy the book on Kindle/Nook, which has applications for the iPad, etc. allowing true portability.
My random $0.02 rant.
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