I think the iPad is a sitting target, just waiting to be done better by someone else. Unlike the original iPod it isn't ahead of the curve in any way.
However, despite all of its shortcomings it will probably still sell enough to not be a failure. If the RDF can sell iPod shuffles, it can damn well sell a truckload of iPads. Its not a completely useless product, it's just that other products do some of what it can do a lot better.
I believe its ahead of the curve in the OS and UI aspect of it. The problem with netbooks, imho, and I've been a big netbook supporter from day 1, is that the OS isn't designed to run on a 10" screen with the odd lower resolution. I've tried all the Linux variants I could find, Moblin, Ubuntu netbook, the Asus, the HP, gOS, etc and they are all super buggy, or *something* doesn't work right, be it wireless, proper power management, whatever.
I said this before in one of the main page posts, but I wanted a higher resolution, touch oriented device that will let me browse the web properly in a proper aspect ratio. The fact that its from Apple and can run the apps i've already paid for on my iPhone is great, but I don't know how much I'll use them. I want to email, IM, and web browse. If you check email while you're in the web browser, you don't lose your spot. It saves your email progress etc, so the lack of a true alt-tab type multi-task isn't bothersome to me. I have multi-task enabled on my jailbroken iPhone and to be honest, I don't use it. I think the price is OK, and if theres a Skype or Google Voice app for it, then it CAN make calls over the 3G connection. The e-books are interesting and while the Kindle's screen is better for that type of thing, I don't want a $300 device thats ONLY for reading. If the iPad can provide me a decent e-book experience, then great. Jobs said they're using an 'open' format in ePub, I can use my existing Audible audio books, and the iPod portion does work in the background as it does on the iPhone, so thats fine as well. I dunno, I think people were expecting a Jesus device. This device does what it set out to do. Properly fills a niche between a MacBook and an iPhone.
I'll be picking one up, not because its Apple, but because Apple happened to be the first to provide a product I've wanted for quite some time.