While I do think of them as overgrown smartphones that look totally hilarious when somebody tries to "whip it out", I do see them as having lots of potential for graphics and other such applications.
I have seen a few people use it with a stylus for notes and class. This definitely is a lot better than using a laptop, for instance, as even One Note is not flexible enough to quickly copy my teacher's diagrams.
A less legal usage for students is that it can act as a "reader" for textbooks found off Pirate Bay. It's a helluva lot better, in my opinion, to read off one of those things than flipping my laptop.
I'm dropping out to create a company that starts with motorcycles, then cars, and forty years later signs a legendary Brazilian driver who has a public and expensive feud with his French teammate.