Actually, it is (almost) exactly like a Mac. The OS is a trimmed down UNIX with Touch Cocoa instead of Cocoa like in OS X. In fact, the simulator is a thin layer that adds a keyboard/mouse enabled version of Touch Cocoa on top of the standard OS X layers.
While the system has a number of background processes running (thus, the OS is multi-tasking), you don't need multi-gigabytes of data when only one user level application is running at a time.
I should really draw a picture as I think my point is hard to understand.
Right now, and before of course, many people think of two things, when they hear the word
computer.
That is either the desktop computer, known since the 70/80s, sitting either on the desk, or having a separate box under/besides the table/desk, where the monitor is normally positioned.
Then they also might think of a laptop/notebook computer, used also on a table, or lap or almost anywhere where one can comfortably use one.
Now the iPad can also be used at those locations, but it can be taken everywhere (like a laptop) if one wants. It is easier to use on the loo for example. Or on the go. Or wherever.
There is a computer inside of course, and it uses a Mac OS X derivative, but it is not seen as a classic desktop or laptop. And Apple does like that.
It uses a "new" primary input method, tested widely with the iPhone, and many more things.
I'm tired.
Ah, back on topic: It will have huge amounts of RAM, so much, than one can run Office, Photoshop, Avid, Motion, and many other applications, side by side. I think it will be around 32GB. I mean it is just a Mac Pro in disguise anyway.