Sounds like the Big New Apple iPad is a big iPhone* that doesn't make calls and is going to function much like an Apple Netbook.
How much you wanna bet those that dislike netbooks declare it the "next big tech thing?"
*Apple's smart because they understand that their products are more accessories than actual productivity enhancers. Style crack for the young and easily impressed if you will. Because of this the iPad won't be a loss leader, will sell well, but probably won't have the impact (outside of the fanboi community that is) that the 'experts' are predicting. That said I don't think it will lose money for them either.