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I agree, competition is always good. The Notion Ink Tablet looks to be very cool.
I will still be buying an iPad. However when (if) this Notion Ink comes out, I'll buy it and sell the iPad. The 16 hours of battery life while watching video has me intrigued. The Google OS is still in it's infancy, however it is being supported pretty well, as time goes on it will get better apps. Kinda like Xbox 360 vs PS3, when the PS3 first came out, everyone knocked it for it's game library, but now it's got some truly great games available.