ChuckG,
One thing though is that a lot of publishers are lining up to this device for reading content along with interactivity. That means, it's more than just a 'slate' based concept. If you're using it to read, then why not re-instate the iBook name? After all, it has to be a combination of the Newton with multi-touch in netbook size.
With such a portable size, I think it is designed to compete with the Kindle and Nook to do much more than reading and writing, even though they are apparently the primary use of this device, but music and movies are obviously part of the feature as an added bonus. Wi-fi is definitely expected for internet and email browsing.
Think of this way. It is meant to fill in the void between a netbook and an e-book reader. Almost a hybridized version of these markets involved.
If this 'slate' is designed for professionals to do light work 'on the go', that's a great solution. Or perhaps doing a little book editing for Editors. Or portfolio presentations for graphic designers/illustrators.
It's a mix of iPod, iBook, and iWork. And yes, it can be very useful for the educational sector. Remember how the colleges were using iPods for lectures? Here's a better solution. The tablet device is the thing to use.