Is the iPad 1 still a good value?

I am trying to decide on if I want an iPod touch 4g or an iPad 1.

The iPod Touch 4g is only $199 for the 8gb and the iPad 1 is $100 more but has 16gb and a much larger screen.

I have an iPod Touch 2g now (got it for $30) and despite the back of the case being bent and the screen is being held on by a clear case, its worked great.

I use my current Ipod for a few things.

I use it to keep track of my DVD Collection (MyMovies app)

I watch a few movies and TV shows on it every now and then.

I listen to music on it when I go for a walk.

I also use it on my walks late at night. I use an app called iTorch that flashes red and blue nice and bright so the drunks think I am a cop and don't run me over :)

What I would like to be able to do.....

All of the above plus.......The reminder App looks like it would be VERY helpful. I would like to be able to read the New Apple Textbooks as well as my collection of PDF's (a few thousand of them) I wouldn't mind having access to the cloud and having an Apple Email would be kind of nice.

I dont want to spend a ton of $$$ for the 'New' iPad , and I dont think I will actually need all the power of the 1st iPad so the upgraded cpu on the iPad 2 doesn't seem to be a big deal to me. So I am stuck between the iPod 4g and the iPad 1. Is there anything an iPad 1 can not do that an iPod 4g can do (I dont care about the camera or Facetime)

Also if I do end up getting the iPad 1 (i'm leaning that way) can anyone suggest a good rainproof holster for it ( a case that attaches to my belt) or a good rainproof case for it?

If not can anyone suggest a good case for the iPod Touch 4g?
I can not seem to find a good case for the touch that is rainproof. (I dont need to go diving 15 feet but I would like to protect it from sudden downpours while I am on a long walk)

Any help would be great, Thanks