I hate the sound of this, but I think that you might be right. It's the only opinion I've heard that actually is unique and is more than a glorified iTouch or a keyboardless netbook. I hate the sound of it because I live and work a long way away from the US in countries where wifi and internet are rare and slow (I pay more than $150 a month for 1 Mbps internet and it often doesn't work). Sure, we have 3G here but it's hit and miss and only in big cities.
The whole concept of online apps (remember, that's how the iPhone started!) is great if you have the online access to use them. For the vast majority of the world we're just not there yet.
So, I hope that you're wrong, but it wouldn't surprise me at all if you are right.