That it was just a content consumption device, not a creation tool like a "real" computer. He was correct on that account -- the first iPad was mostly a consumption device, but he clearly misjudged the demand for such a device and now Microsoft has to play "catch up" with Windows 8.
Microsoft's problem now is that so many consumers are "invested" in App Store content. Worse -- since consumers are familiar with, and enjoy, iOS its more cost effective for businesses to adopt iOS devices than Microsoft dependent devices b/c training will be easier.