Not sure if anyone is still reading this but here are my thoughts on the iPad and this class of device...
I'm torn on the multi-tasking debate. I can definitely see some benefits to it, as others have mentioned--IM, internet radio, pausing a game to check something on the web, etc.
So, back to the device and what it is for. You have to step away from being a geek or a gadget person when looking a features that are in or out.
You have to think about Jobs and Apple's overall goal. Their goal is to design computing devices that are invisible. Think about that really hard. If you have ever written a user facing piece of computer software you know how hard that is to do.
I heard Leo Laporte say this on MacBreak podcast and I agree with him-- This is the device Apple has been thinking about for 30 years. This was the goal of the original Macintosh. An appliance. As easy as a toaster or telephone (old style analog home phone guys). It would do multiple things but be extremely easy to operate. The computer for the rest of us.
Think about a 1970s-80s era home telephone (not cellphone, not smartphone) and how simple the UI is yet how powerful the device is. They had 12 buttons and yet you could reach any one in the world. Pick it up, dial tone. No boot up, no login, no searching files/folders. Pick it up and press 7 (now 10) digits and make a connection to someone far away or right next door.
Think about your car. Learning to drive is difficult for 16 year olds but they soon get it. The UI is strange but extremely simple and effective. Key, steering wheel, pedals, turn signal, mirrors, gear box. Master a few basic things and a car can take you anywhere, until you hit an ocean.
This is what Apple wants to do for computing devices. It must kill Apple and Jobs that the Finder even still exists. Disk Utility, Settings, Terminal? Forget it. I'm thinking this is the stuff Jobs looks at and feels like a failure.
Apple has developed near zero configuration wireless networking, system wide desktop search, zero admin incremental backup, etc. These are core utilities to help take the computing away from computers.
So, now we have the iPad. To me, this is the future of media consumption in the world. In 2007 Jobs said that someday all phones will work like the iPhone. He was right. We are near to that now. Touch based devices that are powerful yet simple.
In 5-7 years time, devices similar to the iPad will be common in homes, schools, and vertical markets.
This is the perfect replacement for the newspaper, magazine, and book. It will be fun and great for photos, video and music. If you are over 35 you probably remember sitting in your room listening to LPs and reading the jacket. Kids will be able to do that again now, with all the additional benefits of digital music. Best of both worlds.
The iPad is a perfect "kitchen computer". Organize life with the Calendar and Address book, research with Web and Maps and dare I say it, store recipes and pay bills (key applications on every new computing platform over the past 30 years).
You will read the morning paper on it, the kids will take it to school, read and use interactive learning software on it, at home they'll play a game on it, then at bed time you will read a book, check email or watch a movie. It will be the computer that isn't a computer.