I've only had my iPad 3 for about 2 weeks so I just have all of my apps and a few photos on it. I connected it to iTune a little while ago and will do a Cloud backup now and then, wait to check for an update in less than an hour.
Updating OTA is indeed a convenience and nothing more because it installs only the minimum data needed to upgrade whereas iTunes does a complete overhaul. I am one that says if you're going to take the time to update, go all out and fully upgrade, but that's Just Me, D. I don't want my iPhone and iPad patched. I want them erased and then restored with a freshly downloaded and complete operating system.