Computer [generic term]:
I can run whatever programs and software I want. I can even use some of this software to obtain and store audio and video content for free [streaming, etc {and I do mean etc} ] as well as low cost paid media from a number of sources. I can store all this media locally, without having to transfer between any number of devices (though I have the option to do so).
ipad:
I can only run software I obtain from the Apple store. In most cases I have to pay for this software. In addition to this, I can only obtain my media from Apple. Paid only. If Apple decides at any time it does not like any software or media that I happened to have obtained, it can take it away from me at any time without cause or warning.
I can buy a full fledged computer for the base price of an iPad. I can buy a fairly well loaded computer for the price of the top line iPad. If I want 3g service on my iPad I have to pay an additional $30 a month for an internet plan I already own for another device. I cannot use that plan for both pieces of equipment, even though realistically I can only use one device at a time. I can use my other device [if I am clever] to tether to my laptop, saving me $30/month.
I don't see how anyone can call that competition, but I guess I use my computer for more than a glorified browser experience? Honestly, I just can't drink the Kool Aid on this one. . . . the iPad has no functionality above and beyond what I have with my existing technology. It was innovative a few years ago when it was smaller and called "iPhone".
That said, I also realize that hardware manufacturers want to move to "closed systems" like the iPhone and iPad so that they can make millions in micro transactions and further exploit a public that, by and large, does not understand or utilize the technlogy available today. While that is fine for the masses, I prefer keeping my access to knowledge and productivity, as well as continuing to use MY hardware as I see fit, and not dictated by some third entity.
I'd say it's a bit premature to count out the computer [generic] completely, as the tablet movement hasn't swept over the world yet. Maybe after Apr 3 the macbook pro will get some love.
Next year or two tho, watch the computer [generic] fade away, Along with many of the computer and internet freedoms we the computer users now enjoy.