Do others believe that too much is being spent on the technology without really thinking about if it is needed or how it will be used?
YES. It's being used rather haphazardly-- at best-- and without a clear NEED in most cases... in fact, without much in the way of evidence-based decision-making driving things at all. There simply
isn't a lot of evidence.
My sixth-grader has an iPad that was furnished by the school. He uses it to check his homework assignments and for making videos for his classmates. For example, when they studied dinosaurs in science class, he made a presentation about dinosaurs (his idea; not homework). He also makes fun videos. Some of them are quite good. They use iPads English class (not sure about other classes; math --- definitely not). His English teacher told me she works hard to put it to use, but my recollection of what she told me is that they don't do anything with it that they couldn't have done on paper or on the white board.
DS is an aspiring animator. IMO, the sole meaningful use of his iPad is the videos --- and they're completely outside what the school might call academic use. Plus, could make them at home. However, I'll take the long view here and assume that there are kids who don't have electronic gadgets at home who find a way to develop a talent using the school's iPad.
I have an iPad. I use it for storing PDF files that I can read while away from home. This use is very specific and I thought about it long and hard before buying one (I have an Air, so it took me some years to decide I could use one). For my needs, the iPad is great. Plus I can play SpellTower on it (oh dear.

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Not sure this makes it all worth it for schools. Hundreds of millions of dollars are being poured in to these things, right?
If they were using PDF textbooks (ideally, chunked out into individual chapters), I'd be much more favorably disposed to the investment. This would save a lot of paper and reduce the weight of the backpacks my kids are forced to lug around. Obviously, the requirement here would be that the PDF doesn't expire or whatever (though I can see a security lock that blocks copying or sending it). You buy it, you own it.