Not necessarily, it would just be the union of all of your media libraries on your computer, and a subset (sync play lists [Billy's iPad, Martha's iPad] ) for e

Not necessarily, it would just be the union of all of your media libraries on your computer, and a subset (sync play lists [Billy's iPad, Martha's iPad] ) for each iPad. With todays 1TB $100 hard drives, how much will it matter to have everyone's iPad library on your computer?