I beg to differ. Of course if you compare it with today's spec it sucks... its been more than 10 years since launch!
I can still use my iPad 1 to watch Netflix and play some old games I like (i.e. Carcassonne).
The battery still works pretty good.
I would say that the iPad 1 rocked, and should be able to browse today's web ... except it can't because of the amount of cruft that is pushed our thoughts nowadays.