What?
You're kidding me.
I'm sorry, I can see making the compromise of having only a touch screen for the iphone as it is more portable than the handheld games so you get advantages too with the iphone (you already are carrying it cause it's your phone as well, it's smaller and therefore more portable, the games are already loaded so no trying to either carry all the cartridges or pick what games you bring. Makes up for the lack of physical buttons).
But no way would I pick an iPad over a console for at home play.
1. The compromise of not as good controller for what advantage does the ipod have over a console? I'm not worried about portability with a console so that doesn't make up for it. So what advantage does an ipad have over a console that would get people to pick it for playing games over the console? The only advantage I could see is if you already owned the ipad. Even then I think I'd rather just buy the console extra. For me if I had to choose between the two, I'd pick the console. I already have a laptop that if I had to carry something ipad around I'd rather have the laptop, I have my iphone for being with me everywhere, and a console will have better games and a better gaming experience (real controllers anyone? Games made for it are specifically aimed at people who bought the thing to play games). And even if I had an ipad, I'd still want either the Sony Playstation or the Microsoft Xbox for actual playing of more serious type games.
2. The compromise of the games just aren't as good. Sorry, but no game on the iphone/ipad compares to the stuff they make on consoles. You're still getting the compromise of making the game more for a handheld market so it's not as complex/in depth. I'd bet the games on the new Sony handheld coming out are much closer to console quality (cause that is what htey seem to be specifically aiming the device at). Plus it has buttons!!!! I'd pick that over an ipad for trying to replace my console.
Sorry, but until they make dedicated controllers for game playing for the ipad (and not touch based only ones, gotta have buttons too and a joystick) and attract more serious type games comparable to what you see on the consoles, I don't see the ipad being a big rival to consoles.