Anand's review showed better (by almost 2 hours) battery life on the Xoom when web browsing over 3G when compared to the iPad. So it looks like it's going to depend on the situation.

And a review well worth reading would be the one from Andy Ihnatko.

I found this part especially amusing, and hopefully the reveal of iOS 5 next week brings an end to the fire extinguisher issue.
Originally Posted By: Andy Ihnatko
Android’s notification bar has been moved to the bottom of the display. It incorporates a few features that I wish were in the iPad. Whenever an app wants to call your attention to something — via either a handwritten note on cream-colored stationery left on the sideboard, a discreet cough to catch your attention, or by bursting into the room and blasting you in the face with a fire extinguisher — it uses the notification bar. The only tool the iPad’s OS can get your attention with is the fire extinguisher.