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Exactly what is wrong with the iPad? IMHO, it does exactly what it says on the tin and does it very well indeed.
Personally, I do not want a folding device. It just does not fit in with my workflow. My phone has a very different usage pattern from my iPad. As the iPad is a 12in device, I think that it would be hard to put that in a phone-sized package.
But naturally, each of us are different people.
iPadOS needs to do more to justify the pro pricing. For a $1,000+ device (with accessories like the Magic Keyboard and pencil) it needs way better multitasking (I’m running iPadOS 15 on a 2018 pro, it isn’t enough), and at the very least external monitor support.

Apple has no competition in the tablet space and it shows.

The pro devices have existed for over five years and they still haven’t justified their existence. There are no pro apps, only compromises. Lumafusion is great but it’s no premier or Final Cut, photoshop still isn’t fully featured, I can’t use an iPad as a serious development machine, I can’t use webapps because the browser is crap, I can’t run data viz apps like tableau or power BI.

my entire job can be done from a browser, but not effectively on the iPad because it lacks basic functionality.

iPads continue to be pure consumption devices, and that’s fine, but the OS is stagnant and the pro line makes no sense.
 
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