here's my take on an iPad after using one for a few weeks now....
In order to make full use of the iPad one must be willing to change the way we think of "computing".
1. make as much use of "cloud computing" as possible which means that some of us might need to make a 180 degree turn around from storage-centric thinking to that of "streaming"
2. understand (as brad pointed out) that the iPad is primarily a "consumption device" which (if harnessed correctly) can effectively replace all/every other digital consumption devices a person currently owns
3. eventhough the iPad cannot be used effectively as a (at least on par with any other) content-creation device it can however be used to review, present, transmit said created content and in a pinch can even be used to remotely control said "content-creation devices" remotely.
For me the power of the iPad is particularily apparent in a remote/streaming capacity. I can sit on the dock at the summer house and (via 3G) remotely admin any/all of my servers, watch live or pre-recorded TV shows streamed to the iPad, review/edit documents and access a centralized calendar and email accounts literally with the flick of a finger. To me, that is TRUE technological innovation. Sure 3G streaming still has it's issues, but all of the above are huge steps in the right direction.
I say, keep it coming............in the meantime maybe we need to re-think our computational needs and our overall aproach to computing. Just because we've always done things a certain way doesn't mean "different" can't have something progressive to offer.
If used correctly, using the iPad can feel like you're holding the reins to the IT infrastructure in your life. A very powerful tool if used in that way.
By the way, I'm not an apple-fanboi (just in case my post was going to draw some flames in that vein), I have equal parts PC and Apple devices in the IT structure of my life.