In this context, toy is defined New Oxford American Dictionary as follows: an object, esp.
a gadget or machine, regarded as providing amusement for an adult So, yes, an iPad, or similar fancy electronic gadget, could be considered a "cool toy".
Other examples of toys are luxury cars or motorcycles.
english.stackexchange.com/users/2705/Jimi Oke
Cool toy is not a technical term.
Here, cool is an informal way of saying excellent or fashionable ; see the definition number 7 at Merriam-Webster or Wiktionary .
What is cool is highly subjective; different people will have different opinions.
For example, some might say that iPhone is cool; others might disagree.
A cool toy doesn't have to be electronic.
For example, I think that LEGO is extremely cool.
(But again, others might disagree and say that Playmobil is cooler.)
english.stackexchange.com/users/300/RegDwigнt
Cool here is used informally to mean fashionable .
When the article says it is more than a cool toy , it means the toy is not just fashionable but has real value.
english.stackexchange.com/users/None/
cool toy means a gadget that you just MUST have because it is is the latest 'thing', but you really don't need it.
In this context where it says more than just a cool toy , it means that it has a practical purpose that you can use for more meaningful tasks (not just to play with...).
english.stackexchange.com/users/1717/awe
A few month ago I said 'awesome gadget' than I walked around considering whether or not I should buy an iPad.
It's a cool toy nobody really needs it, but my wife.
english.stackexchange.com/users/519/stacker
I found a word 'cool toy' in the following sentence in today's New York Times article:'Spending money on tablet computers may seem an extravagance, but some educators say they are more than just a cool toy.'What does 'cool toy' mean? What are typical items of cool toy, for instance? Are they electronic toys?
What does 'cool toy' mean?
english.stackexchange.com
<meaning><phrases>
english.stackexchange.com/questions/8065
english.stackexchange.com/users/3119/Yoichi Oishi
It is generally agreed that "cool toy" is not a technical term and does not have to be electronic. It is mainly used informally to refer to something that is fashionable, such as a luxury car or motorcycle. However, what is classed as "cool" will be highly subjective. Toys  can be luxury cars or motorcycles. "cool toys" is not a technical term.It is actually an informal way of saying "excellent" and is highly subjective. Neither does the toy have to be an electronic toy to be cool."cool" is used to mean "fashionable"
It is generally agreed that "cool toy" is not a technical term and does not have to be electronic. It is mainly used informally to refer to something that is fashionable, such as a luxury car or motorcycle. However, what is classed as "cool" will be highly subjective. A cool toy may be fashionble or desirable. Examples of cool toys can include cars and motorcycles. 
In this context, cool  is a way of saying  excellent  or  fashionable. However, when the article says it is  more than a cool toy , it means the toy is not just fashionable but that it also has real value or a practical purpose. This does not solely refer to electronics, - luxury cars or motorcycles may be referred to as "cool toys". In this context the phrase "cool toy" refers to a fashionable gadget. A "cool toy" does not have to be electronic and other examples may include luxury cars or motorcycles.
Toys  can be luxury cars or motorcycles. This is not a technical term. It is an informal way of saying "excellent" and is highly subjective. It does not have to be an electronic toy to be cool. "cool" is used to mean "fashionable"
A cool toy means fashionable or excellent,  More than a cool toy means it has realy practical value. Other examples can includes luxury cars or motorcycles 
The word "cool" is used in this context to informally declare that something is fashionable. The phrase "cool toy" in this article is referring to a fashionable gadget. Other examples of "cool toys" include luxury cars or motorcycles. A "cool toy" doesn't have to be electronic.