My iPad 1 is still holding up excellent, with the no noticeable degradation of battery life.
My iPad 1 is iOS 5.1 but it refused to load iPhoto - yours will do that?
iPhoto doesn't work on iPad 1 - the iTunes store reviews are full of complaints about that fact (Apple says it's the fact it doesn't have a front facing camera, but the real reason is the paltry 256mb of RAM it has).
Oh ye of little faith....... iPhoto works really well on iPad 1, I was really surprised just how well it worked.
You just need to use the Apple iPhone configuration utility to install it. The same is true of iMovie - but that doesn't run do well.
There are several guides knocking around, here's one:
Install iPhoto App For iOS On iPad 1 [How-To] | Redmond Pie
I saw the story on Arstechnica a few days ago, but it's important for the average Joe to note that a) it isn't supported (future updates may break compatibility) b) large photos won't load into memory, resulting in a crash and c) you can't do it without a Mac.
But you're right, it's technically possible.