iTunes: Backing up your iPhone, iPad, or iPod touch software
From http://support.apple.com/kb/ht1414:
Backing up your iPhone, iPad, or iPod touch
Your device is backed up by iTunes each time you:
- Sync with iTunes (automatically on the first sync, every time you connect it to the computer)
- Update in iTunes (occurs automatically without prompting)
- Restore in iTunes (prompts you to create a backup before the restore process begins)
Although iTunes backs up most of your device’s settings, downloaded applications, your audio, video, and photo content are not included in the backup.
If restoring from an iTunes backup, your device settings, downloaded applications, audio, video, and photo contents will re-sync to the device because the “Sync” option under the respective tabs will be checked in iTunes when restoring from a backup. If you choose to restore your device as a new user, downloaded applications, audio, video, and photo content will not be synced until you select the “Sync” option in iTunes under each tab.
You can manually back up or restore your iPhone or iPod touch from a backup. To do so, Control-click or right-click the iPhone or iPod touch icon on the left side of the iTunes window and choose Back Up or Restore from Backup*:

iTunes will not offer the option to restore from backup if no backups have been performed prior to accessing this option. For a list of content that iTunes backs up, as well as more information about backups, see iPhone and iPod touch: About backups and iPad: About backups.
For restoring and updating instructions, see apple’s support guide: http://support.apple.com/kb/ht1414
iPad backup considerations
My guess is that Apple will sell 1 or 2 iPads this weekend. If they do, then there will be quite a few folks out there taking pictures loading pictures, storing music, books, files, apps, etc. So, remember, this is not an item that is approved for end-user service. So, if your device dies, or the screen cracks, or the battery dies, then you may end up sending the iPad in to Apple for warranty “repair” – depending on your service options. Apple has already stated that for battery issues, they will be sending out REPLACEMENT iPads, and it seems likely that the same may be true for most depot service orders for the iPad.
SO??? So, make sure you sync it with iTunes often. That is the only current backup method for the iPad, and doing so will make you feel much better if or when you do have to swap it out for a replacement.