I think this device is a bit more towards entertainment. Think about it, you know the DS, Psp, and all those other hand held gaming consoles? This one is just like those but faster, more space, games that can be downloaded immediately at a cheap price or free, internet anywhere, and heck; you can actually type up the AP Lang essay as if you were on a computer. The screen is large, perfect for movies and games while keeping incredibly thin, portable, amazing to hold, and lighter than a netbook.
Just because it isn't a replica of Mac OS X doesn't mean it's not truly amazing. It can do many things a computer can't do or even an iPhone! So it can't run the gazillions of mac apps out there, there are 140,000 apps that'll run on it! Besides that there are apps specifically being made for the iPad.
Overall, an average person will probably be able to do everything they need on it. I personally would love to have a version of Xcode for it so I could code on it, though that's unnecessary. Seriously, what else would you need(really need, so much that it'd be a shiny paperweight without) that it doesn't have?
Anyways, how much do you guys want to bet that multi-tasking and all those amazing other features will be in OS 4.0?
-Gandolf
P.S.
I reckon they'll sell millions- nay, billions- nay, thousands!
Ahahaha.