Since there have been so many people who have said the iPad itself is stupid, I guess there's no harm in a dissenting opinion, so...
I'll go on record as saying I don't think this is a stupid idea at all, I think it's innovative, but it needs to succeed as
- A protective case: if it is a solid protector for the iPad when you're traveling;
- A great keyboard: if the keyboard has a good feel and lets you type for hours at a time, then it could work well for people who are writers;
- An antitheft device: noticed that there's no way to secure the iPad, no Kensington Security Slot? If it had a way to secure the iPad when you can't watch it, it might be worth it (although it probably won't);
- A way to integrate an iSight camera: the iPad may or may not get a camera, but the current models certainly don't have one; if there was a camera right where you needed it with a place to plug in earphones, then it's solved the video conferencing problem;
- A way to connect USB/Camera Cards/DVD: like with the camera, if it had either a USB slot or a CF card slot, then like having a camera, another set of dongles are not needed; or imagine it could come with a DVD slot...then just grab the DVDs you haven't seen and in theory view on the iPad as you would on a laptop, no need to worry about whether the limited Netflix app will be able to download the movie or tv series you want to watch; for me, to watch the movies I haven't seen takes a lot of prep time that I don't always have.
So, yeah, it's "contrary" to the monolithic scheme of keyboardless, multitouch, wireless interactive devices that is the salient nature of the iPad, but is it stupid? No, I don't think so.