I think it's pretty awesome much as the original one was. It certainly holds true to the evolution rather than revolution. Slimmer, faster, more powerful and with FaceTime and cameras. Its a superior device no doubt and it's beautiful, but it doesn't seem worth the upgrade for first generation owners. I'm a little surprised that there's no significant improvement to the screen and while smart covers are a nice touch they feel a little bit gimmicky, but certainly appear to be an improvement over the previous case offering from Apple.
The most significant addition in my opinion is the FaceTime support, though Apple has yet to release the protocol as they suggested they would. Apple need to make FaceTime available to as many users as possible if we consumers are to adopt it as a taken-for-granted method of communication and that is the goal here.
Still if you don't have one it's much harder to excuse yourself. The first generation model is now somewhat cheaper and now there's the improved second iteration which is a beautiful and powerful tool. Not upgrade worthy but definitely a good choice for the tablet newbie.