If you are looking at setting up, managing, and deploying multiple iPads in your school, the the iOS 5 Deployment Guide walks you through configuration profiles, Volume Purchase Pricing, and deployment options. Thanks to iPad Academy for posting the link to the PDF.
Designed for 1st-2nd grade students, Murky Reef combines reading and math skills in the context of exploring a coral reef. This is the free version, though there is a more robust version available for $3.99. Students can review numbers, sight words, and vocabulary. There is some reporting built in.