The rumors point at the new iPad coming out in April or thereabouts. You might consider waiting, but that'll make Christmas pretty dull.
I also wouldn't go with the frying pan idea. My frying pan was only marginally cheaper than my iPad, and if you're wife wants an iPad and you show up with a frying pan, do you really want her to have a weapon that can impart massive blunt-force trauma to your skull? Just sayin'.