Of course you realize it is likely that by the time you are deciding between the iPad and Xoom 2 you likely will be looking at the iPad 3, right?
Also as stated those here pretty much chose the Xoom over the iPad 2. so if we were to compare the Xoom 2 (whatever the final specs may be) it is unlikely that many, if any, will chose the iPad 2. Given the time-frame of by the end of the year I feel confident that Xoom 2 will not be an option for you, but I could be wrong.
My recommendation for any tech purchase is always get the most you can afford that does what you want it to. If there are several int eh same range then you can really start comparing. Don't put too much worry into what is "just around the corner" because there is ALWAYS something just around the corner.
What features and capabilities are important to YOU. Which fits your needs better. Regardless of what some may say here, iPad is a decent piece of tech. It is very much oriented to the end user that is looking for a multi-media/entertainment device. It has Hulu, Netflix, etc already working on it and put out for it. If those are important to you then that is something to think about.
Personally I prefer Android. We have an iPad that my wife purchased from a friend needing the money. Generally it is used by the kids. It is just easier for them to use, not that they can't use my Xoom (if I would let them) My young nephew (3.5 or 4) tried to take it home after visiting for a couple weeks this summer. He got hooked on the Netflix app. I had gotten up around 3 PM one night to find he had gotten up, went and found the iPad, and was watching Netflix.