But that's kind of the whole point, isn't it? If you are blowing $500 or so, shouldn't you go with something that can do more than reading books and displaying music?

An iPad can be a book reader or sheet music display, sure, but it can also be a complete recording studio, or even a full Fairlight synthesizer, a vocal harmonizer, and a myriad other things.

Losing out on all this just to save a bit under $200 seems a bit short sighted. It IS a 'clear advantage'..!
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An arranger is just a tool. What matters is what you build with it..!