If you use gmail, gmail address book, and google calendar, they will all link two-way with your Touch/Phone. I never set up the address book and calendar, so I gave it a go. It works, quite well! Now my non-phone is good for two more things, offline! (I had set up gmail, previously. But I really rely on google calendar.)
All it requires is setting up a new email account with "Microsoft Exchange" (instead of the "gmail" choice) and supplying 'm.google.com' as the server. The link above has a video demo/instructions.
I remain a neutral observer on the iPad release. It certainly isn't billed as a do-everything device. Which is ok; maybe that will happen with v.2 or v.3. v1's success will depend on how people react to actually having it in their hands. I was fairly "meh" about the Air until I saw one in person. (And then melted_snowball notes that it isn't really a full laptop replacement either).
I'm unconvinced that it will be a credible business device, unfortunately. Could it be a traveling laptop display extender? It's exactly the same height as my 15" macbook. I've seen displays that work over ethernet; if it's fast enough for full-screen video, it's probably fast enough to handle display extending over wifi. ...so then you have a little monitor you can carry around the room and connect to different machines at once. Hey?
It might be an OK device for creating things. melted_snowball suggests that it's apparently been constructed as a device to buy and consume things created by others. I am not so certain that's a hard limitation; if text input isn't too clunky, and their iWork applications aren't so clunky, and the developer kit makes it possible to DESIGN good creative apps... I'll just say if I had a lot of free time, I would enjoy trying to develop for the platform (casts jealous eyes at the iPhone devs around).