With the assumption that Apple will continue with the $500 price point for an entry level iPad 2 without subsidies, the original iPad will have to drop in price. Knocking the prices down to around half the original prices of a year ago does seem possible. Bringing us a $249 iPad 16GB WiFi which is pretty close to the cost to build the iPad (according to iSuppli).
The original iPad could be offered for free on Verizon's network with contract if they enhanced it to work without the external MiFi. I can definitely see having a couple iPad's laying around the house in a couple years.
We will definitely know more in January, when an announcement is likely to occur.