I've been working in IT for schools exclusively for the last 15 years.
I've not been in a school that, now, does not have iPads or some form of tablets.
The educational value - that's a different question which I'm not able to answer without seeming like I "know better" than scores of qualified teachers (of which I'm not one). But then, on that basis, you can also include interactive whiteboards, vast portions of the curriculum, banks of laptops and netbooks, a multitude of online resources, the whole "ICT" curriculum (notice the C, that's a giveaway as to the content of the course, vs just IT - the C stands for Communication officially, but unofficially it stands for "computing", i.e. how to use Word and click on files), the existence of teaching assistants and all kinds of things before you worry about things like iPads/tablets that are visibly used almost every day.
Sure, there aren't many schools outside the independent sector that allocate iPads in the ratio of per child, but there are very, very, very few schools without at least a bank or two of them. And I've worked in several independent schools that are, literally, putting them on the uniform list - i.e. the child is required to have them with them in order to attend school, whether supplied by the school or by the child's parents. The state secondary sector is swarming with iPads, Learnpads, Android tablets, Windows Surface tablets, you name it. The last Academy I worked in, in a notoriously poor borough of London, had two banks of iPads, one of netbooks, and about 8 IT suites (two of them Mac). It was run, for many years, by one IT guy who basically detested iPads. Try doing that without proper management.
Fad, yes, possibly. But so were in-class voting systems, electronic microscopes, interactive whiteboards, netbooks, VLE's, and lots of others. All of them still sell, all of them get into schools, and some of them become virtually compulsory (I've yet to witness a class teacher interview in the last ten years that did NOT include a section in front of an interactive whiteboard with the teacher supplying the content in electronic format - plays merry hell for IT unless they use the de facto standard SmartBoard software. The new one is to bring your own iPad and AirPlay your screen to the interactive whiteboard).
Honestly, before you stab a guess, go find your kid's school's IT guy and ask them. Or just visit their website. And if you don't have kids, go attend BETT next time it's on at Excel, and see what's being sold to schools - if you get 10 feet through the door without seeing an iPad, I'll be impressed.
Cost? A tiny primary school in London would happily spend £20-30k on a bank of laptops 10 years ago. You think they care about doing so with iPads if they can tell parents (who are MAD KEEN on hearing "iPad" when it comes to their children's education) about it?
You can question it all you like, just ask someone who works in IT in schools. The tablet-to-pupil ratio is fast becoming greater than the PC-to-pupil ratio, and in at least half the schools I've ever worked (especially the ones that have become Academies) they actually are already there. That's one of the reasons that the VLE's are selling so well, because they are generally platform-independent and the kids can access them on PC's or iPads, from home or in-school.
I suggest if you want to know the truth, you go look into actual, real schools. My daughter's nursery, in the back end of nowhere in Cornwall, has iPads for her use. She knew how to use them because she had a Nexus at age 4. I'm a very, very traditionalist parent, I'd thrown all electronics out if I actually ran a school (and now, please consider my career as stated above) except in IT-specific lessons, but I won't hinder my daughter by pretending schools don't have this kit and won't be using it with her anyway - this is what she's going to grow up with, pervasive as hell.
I'll be shocked if you can find me a state-school nursery classroom that does not have an interactive whiteboard, at least one PC (probably more in nursery as they usually have standalone for keyboard-bashing by the kids), site-wide wireless, and access to a bookable class-bank of tablets (of one brand or another).