I'm a happy Apple customer with my iPhone and Macbook Pro, but I think I'll be passing on this. The real thing this offers me is ebook reading which is definitely something I want, but not on a screen like that. From the little I've used of friend's kindles I've been very happy with e-ink, however I'm holding out for the colored e-ink that is supposed to make it's way into the ebook readers later this year. Reading a book on a LCD screen is just not something I would want to do unless I was simply skimming of looking for something specific. I'm sure there are a lot of really cool things you can do with the iPad, and if all you're interested in is the apps, games, and the fact that it does everything a netbook does I'm sure it's great for those purposes. Price-wise it seems very competitive with netbooks and the lower end laptops while staying below the tablet laptops out there. The fact that it's unlocked in nice, and the GSM support is probably going to be worth the money as everyone I've talked to with an iPod Touch has basically said they love it but wish they could have the iPhone because there are always times they need internet access and aren't around wifi.
no support for flash.. and a lot of other features missing out... i do not think ebook readers have anything to worry about with this device, because as you mentioned, the display on an ereader is easier on the eyes.. but for now my netbook was cheaper, and can do more than this POS(with the exception of not being touch screen)
i guess i might pick one of these up, when it is in the clearance pile in the best buy for about $20 or so... otherwise, ill pass...