My iPad 1 does not have a video camera like the iPad 2 (and New iPad), but I just got some iPod Touches for classroom use. I shared them with my students to make videos. You can see the videos they produced in under half an hour. As of this posting, the longer video is one that I made over the weekend, and the one that looks fanciest (on poetic forms) was produced on an iPad (which seems to have more capabilities in iMovie than the iPod Touch. Check out the videos here:
I like easy-to-use portable technology that lets you do something on the spur of the moment without much effort that can apply directly to what you are teaching. The production values aren't great, but that is beside the point; you're making something that meets an immediate need, not something that you would turn into a best-selling product.