If you can´t figure that out, then you´re a lost cause.
Funny that you never cited exactly what all these benefits are yourself. Are you assuming we all know exactly why you think it's such an amazing idea? The point of a full OS is to run apps that require a full OS, like Photoshop, Final Cut, proper document editing software (iWork on iPad doesn't count), real games, store and manage media, etc.
You can't photoshop for real on an iPad. Sure you could do some informal stuff, but you wouldn't do a design project on it. It wouldn't be powerful enough to be useful editing video, not to mention it not having external connectivity.
If you want to write a 15 page lab report on a touchscreen, be my guest, but I'm thinking just about everyone else will take a real keyboard over that every time. And if you think that would be bad, try doing some complex excel spreadsheets. Those already take hours on a regular version of excel, I imagine you could double the time for a touch-based version.
Developers make and have been making games that are based on the use of a keyboard and mouse since they started making games, so any game out there on the market for OS X will naturally require a keyboard and mouse. Devs would have to revamp the entire game for a product that would be a very small market, while everyone else is still happily playing with their keyboard and mouse. Not going to happen when there is already iOS, a perfect system for these touch/motion based games.
As far as storing/managing media on that type of device, that's pretty well a lost cause. You would need external drives to hold a reasonable amount of stuff, at which point you have defeated the purpose of an iPad-sized device.
In light of all of that, please explain to me how, without needing accessories external to the device, that it would be so much more magical and useful than what we have now with the iPad and soon the second generation model. So far you have just been bashing what everyone else has been saying with little evidence or reason behind it.
Yes you will. I´m sure that then years ago you were saying "we´re never going to browse the web with our cell phones" and boy do you look stupid now.
Funny thing is that all you who are arguing how stupid this idea is (or you are just playing the devil´s advocate), is that when the "MacBook Touch" will be released, you will be first in line to buy it and saying how great idea it is.
Browsing the web with cell phones is a simple task, reasonably well suited to phones and other such mobile devices. That is quite irrelevant to this topic.
If such a product did come out, I wouldn't be buying it with reasons. First, I am sick of this touchscreen craze. It's really not the most amazing thing ever. I had an all touch phone once, and have since gone back to a physical keyboard, as it is nice not to have to look at my phone constantly to type, and it is considerably faster.
Second, I already have a laptop which is plenty mobile enough for me (I fancy myself manly enough to carry around my big, bulky 4.5 pound MacBook), as well as an iPod touch, a perfect, pocketable, fun device capable of carrying around my music, movies, photos and some very entertaining apps. I don't need something that tries to combine the two, and makes too many compromises (ie, not very powerful and doesn't fit in my pocket).
And finally, I am not a slave to apple's marketing gimmicks. Why do I have a MacBook? I got sick of windows' shenanigans, it works well, and does what I ask of it, not to mention it was a graduation gift. As for the iPod, Apple makes about the only decent music player out there anymore, and it plays some pretty sweet games (courtesy of iOS)