I think the most important thing they got correct is the price, the rest looks a little "version 1" but as signpost to what is coming remote storage, "cloud computing" on line apps, like Goggle apps and Wave they might have something. the problem is for the moment we don't use our PC's in that way, and if your doing business. the only way to do that is with Power Point and Word and Excel, the small incompatibilities with iWork are a big deal.
The other flaw is if you have to have a phone, and it is to big to cary around as a phone although with a headset and Skype or GPRS, it could do that, and you have to have a laptop, so why would you carry something else.
I like it, i want one as a gadget it looks great, as a must have device, well it isn't and that will be its problem.