I certainly wouldn't design a new product for ipad 1 users but - and, admittedly, I don't know how much effort is required - I would consider supporting them. In the same way that I wouldn't design a website for IE8 users, but I would certainly support them.
How old do you think it's reasonable to support tech for nowadays? Bear in mind that the iPad1 was released just three and a half years ago, and was then updated a year later. iOS 6 has only been around for just over a year. So are you suggesting that the maximum life span for a $500-800 piece of tech should be 2 years? Or 1 year? I'd protest at even 3 and a half years, personally.
I brought an iPad 1 to Florida for my grandmother to use. All I needed was Safari and Gmail. Gmail needs iOS6? WTF? Its not Angry Birds, its a damn mail app.