Um, what exactly were you expecting? A device that runs Mac OS X? It has been more or less established by now that the tablet will NOT run Mac OS X.
Even if it's "just" iPhone on steroids it could still be a replacement for a laptop (although why would Apple design a product that would be more or less equivalent to their more expensive product-lines? Since this device will cost less than a MacBook, it's logical that it will also have less capabilities). Bigger screen and more powerful CPU means that it could run apps iPhone can not.
Not much one can do with the form factor, if the main part of the device is a 10 inch screen.
So basically a MacBookAir Screen upside down, edges rounded and voila a larger iphone.
This will be a niche product and just not for everybody.
Can't wait to see all the complaints about what it can't do.
It's the OS that will define it's success.
My slogan:
An Apple tablet a day will keep Microsoft away!