I have an Iphone 4, and want an Ipad at Christmas. Can I sync my information for the Iphone and the Ipad on the same PC?
Yes. Not only can you sync them both on the same PC, you can set them up in Itunes so that each device's sync is unique to that device. In other words you can have different apps, music, video, etc on each.
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A single PC login can handle up to 5 devices on the same user account, including both your iPhone 4 and iPad. You can use any combination of 5 devices per You@me.com apple ID. If you have 2 email accounts such as You@me.com and You@gmail.com you can have 10 devices purchasing off the 2 IDs, not that many have 10 devices.
If you lose or replace devices and run out of authorizations, simply do Store/Deauthorize Account to disable purchases from all your devices, then reauthorize the account per device plugin. If you have purchases from 2 or more accounts being synced to a device however, you need to authorize both. Otherwise it won't sync a particular app or music/video purchase without authorizing a device.