I saw this yesterday. My thoughts on it, having owned the previous leap pad, a cheaper tablet and 3 iPads is BUY AN IPAD!
An iPad although more expensive is worth SOOOO much more in terms of educational value than any of these other toys. It doesn't need to be the latest model. We have iPad 2s here and I have no intention of upgrading. An iPad 2 here in ( Australia) is only $350 not much more than the cost of the leap pad...add in some games and you are out in front in no time! Apps are a few dollars each or free! An iPad is something you can use yourself once the kids are in bed, it is an e reader and a real educational tool for a long time.
If you already have an iPad then you don't need a leap pad.
The leap pads were educational but limited and I think they are overpriced for what you get. I got mine at less than half price and sourced games of ebay cheap. They didn't last as long as the iPads have and although tough ( they were left outside in the rain and survived!) I replaced them the next year at the sales as they were becoming unreliable and went flat fast. After 2 years we gave up and I didn't replace them again. They copped a hiding from my kids and I really can't complain about the quality all in all.
Leap pads are a great present for Nanas to buy but mummies can find better value for their kids