How do you figure? My iPod Touch does everything the iPad does, minus the eBooks, and there are plenty of reader apps already available. I guess you could toss in iWork as well. There are no MUST HAVE features on this device, which I believe is what a lot of people were expecting after all of the hype.
And who's fault was that? Apple never advertised or promised any features, nor did they even advertise that they were releasing a tablet. That hype was created by people on the internet.