Should i get an iPad2 or iTouch and what are some key differences?

I am looking forward to getting an ipad2 because i want to be able to access the internet in many different locations rather than just the computer in my room...BUT im hearing many different opinions and some people say the ipad is pretty much just an oversized itouch. So i was wondering if both have the exact same abilities and features..? What are the differences? I mean size is definitely one thing...it would be nice to use the internet on a bigger screen unless the itouch screen isnt so bad itself. Would an ipad be helpful to use in college? Or is there any successor to any of these products that are coming real soon? Money isn't too much of an issue for now...its more about which one will be more worth it in the end. Please help!