Interesting product. Definitely not "one device to rule all others," but a solid combination of netbook and e-reader that has both strengths (one device) and weaknesses (separate keyboard.)
Clearly Apple sees it as emerging from the iPhone, not a slimmed down Mac. But of course, it isn't a phone. Wouldn't want to cannibalize all those iPhone sales; just add another complementary device. And its "communication" is heavily biased toward incoming not outgoing content.
Nor, of course, is it a "netbook," at least in the conventional sense. I pack a slim exeternal DVD player along with my netbook for trips. Not clear (to me, at least) that such an option is possible with the iPad. And without an integrated keyboard, it's not really a laptop substitute. At least not on a plane.
Clearly it's a premium e-reader. But it's not clear to me that an e-reader with phone apps is exactly what the world has been longing for.
I'm suspecting it may be most prevalent in NYC, SF, and first class, especially at its price point. But I could be wrong. Apple loyalists have a somewhat different perspective than those of us who favor (or are stuck with) the Msoft environment.
Bottom line for me is that I can't jettison my phone or my netbook. So it's just one more device the overlaps with the others I already have. And at a premium price point and still another $30 a month data plan, I'll save my pennies for motorcycle accessories.