Money sink? I'd be lost without my iPod for my favorite music and audiobooks. I just transferred the latest Lee Child audiobook and Odd Thomas novel to it. The music CDs and audiobooks are free from the library. I can plug it into my car, alarm clock, speakers or use headphones. It does a lot more, but that's all I use it for.
An iPad is on my Christmas wish list, and when I finally get around to ditching my landline, I'll definitely get the iPhone 5 to replace my old LG.