We've got a 1st gen with 3G. It's very handy on trips.
In the browser, can you compose a post here on it, don't hit "Save", then go to another tab, copy and past a URL or something, then return to the IWT tab and still have stuff in the Content window? In common situations like that, the 1st gen iPad would clear the edit window (presumably due to lack of RAM - the new iPad has 1 GB vs 512 MB on the older ones).
I haven't checked it recently, so there may be some details I've forgotten...
Anyway, enjoy! Osmos must be gorgeous on it...
Cheers,
Scott.