Arn, I think the question that will play the biggest factor in all efforts from all developers is: How fully featured (compared to full class desktop versions) can we realistically make these apps within the scope of the OS 3.2 SDK?
I betcha fairly close...at least to the limits of the hardware.
I mean, we're not going to see full fledged Photoshop...but we will see sketching apps. We won't see full powered desktop publishing programs...but we will see some basic word processing and basic image layout apps. If a particular company won't do it, you'll see some other company rush in to fill the gap.
Some stuff we've always thought needed a full fledged computer is going to get off loaded onto the iPad...(And really...the stuff from the Omni group doesn't need a full fledged Mac Pro to run)