We did not give one to each board member - we have a couple who don't even have e-mail, getting them to use an iPad would be miraculous. (Which works out, since you have to have a hard copy of examiners anyway.)
However, we're a de novo, so our Chief Lending Officer was preparing 12 board packets every month - the material cost and his time cost made going to the iPads extremely easy to cost quantify and justify.
We're looking at assigning a generic board signon which would get them to the library only, where all of the board reports will be filed.
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My comments are absolutely no reflection of, nor influenced by, my employer - take them at your own risk.