Depends. Could you get an app out and selling before the second model comes out? It's possible you could very easily recoup the cost of the current one and then some between now and that release date.

If you need one right away, then obviously get it. If not, I imagine they'll release sometime in April. I don't have an iPad yet, so I'm personally waiting for the second gen.

If you really are getting it for development purposes, you might want to get an older iPad regardless, since it will let you test your app's performance on the device that most of your market will be using.

Yea i dont have an immediate need. I think ill wait a little longer to see what happens

If you do, you are likely to be waiting until June or July.