Cons:
- Multitasking is weak. You can put two windows next to one another as long as you want them to be in a vertical split. The "pull out" side window feature doesn't work on the home screen for no discernible reason, so if you have Things in the side app then open it from the home screen, it's no longer opened in the side app and you have to manually move it back. (append: I haven't tried Stage Manager yet; maybe it will address some of this)
- Hardware keyboard support is pretty weak. The settings app and shortcuts app are two examples of apps with bad keyboard support. The "full keyboard access" is a very strange modality: it turns tab into a chording key. There's no equivalent to "focus all elements" as there is on desktop, so for example if I press tab from this text box, the "reply button" is not selected; the search at the bottom of the page is.
- Web access is a must. Individual apps might provide offline support, but many have sub-par sync systems, where you'll discovered that your offline files have helpfully been completely deleted and require resyncing, but since you're already on the plane by that point you're out of luck.
All in all: works great as an expensive dumb terminal.
If you want to infinitely scroll, the iPad is unparalleled. It is great for reading and watching. I like it as a game device. It is great for reading news and I enjoy apple's news widgets. Kindle works well. If you want to consume, the iPad is an amazing tool for consumption.
Additionally in the last year, apple made it really easy to use your iPad as a second screen, either as an iPad or as a literal second screen for your macbook. I found myself doing that more and more.
I bought the apple pencil thinking it can't possibly be worth the money, but it is an enjoyable device to use. Writing text on an iPad is more gimmick than feature (for me), but I find it a pleasurable way to scroll or navigate apps.
That being said, once you want to do a task with a keyboard, there is no replacing a laptop. The iPad is also locked down (no terminal, only safari) such that a laptop is still necessary. The iPad is still very much a luxury device and could not stand on its own. Phones and laptops both have features that the iPad does not have that make them necessary. The iPad offers nothing that makes it necessary unless you consider an ancillary screen for your laptop necessary.
I also use it for presentations, sketch out designs and architecture, etc, but it's harder to clean up documents on the iPad because the editing on it is awkward compared do a laptop. For certain things diction works, but just copying and pasting a couple of rows in excel (or any spreadsheet like thing) is just really bad.
That said, the tool you have with you is the best tool, and it's really portable. It's 7 years old at this point and still going strong. It won't use a bunch of the new features in 16, but since I don't use those anyway I don't care.
If you want to test out an iPad, pick up a 1st or 2nd gen iPad Pro. I have three of them around the house (including mine) and the other two get used all the time for video/games/browsing.