- with the iPad you can do interactive books which are basically the new "interactive CDROM" you had some years ago. - with the Kindle you cannot easily flip through the pages and write notes on them, this is why it does not improve the traditional textbook.
Nothing new, you know that after 15 minutes using the devices. But I must say, to read novels, news and stuff like that, you cannot really be better than the Kindle at the moment.
Disclaimer: I am an avid user of my Kindle combined with Instapaper.