Of course not - but more than adequate for doing minor touchups on location, verifying RAW image quality, etc.
Sure there is more flexibility on real notebooks. but i think the "verify image quality" part might work just fine with gallery app. i never tried putting RAW onto the iPhone, but ok i for myself use Raw+JPEG, and for that kind of screen i guess JPEG is even enough.
There is some PS app for iPhone already for small corrections, so i would not be surprised if there will be a more capable version on the iPad.
tethered shooting from the iPad would really scream
I was replying to a claim that "It perfectly replaces a NetBook,...". Not so, since a netbook runs a full x86 OS (even Apple OSX), runs full versions of most applications, has card slots, USB ports, some even have eSATA. A netbook even runs Flash.
Flash i do not wanna comment, it's more a religios topic already.

guess that might take 15-20 years to settle.
Sure, all the ports and connectors give users hope they buy a real small notebook. but most of these netbooks look and handle like a big old encyclopedia compared to the slick iPad.
Added extra expense, and lump in your bag, that may or may not work with the Ipad.
The biggest additional expense and lump in the bag is and will still be the cam, i guess a 30$ adapter will fit somewhere between the 2nd 80$ battery, and $$$ of 2nd and 3rd memory cards, not to talk about lenses, charger, cables,
i guess for the netbook approach you carry an external mouse, or do you actually use the tiny trackpad they have for PS?
guess a mouse is several times bigger than the photo connector...