As people are saying, the ipad shouldn't be considered a computer replacement since you need a real computer to hook it up to to use it to full capacity. ipad is primarily a media consumption device and it excels at that.
When people say that the ipad is a giant ipod touch, they're 100% correct. This is terrible or awesome depending on who you are.
This would be my dream tablet (for now):
http://www.engadget.com/2010/04/06/icds-te...omplete-tablet/
In terms of hardware specs and capabilities, this is something I could use to totally replace my laptop. I already know the software won't be as polished as the ipad and that's the genius or bane of Apple, depending on how you think of them.
Apple never tries to throw everything and the kitchen sink in their products. They really limit hardware specs/options but what they do include they execute really really well. The other thing is that while the hardware options are limited (no usb, no webcam, no sdhc, etc.), the actual build quality is usually top notch.
The main reason people will love the ipad is the same reason they love their iphones, the software. It's entirely about the software. Android is getting close but it's not there yet (I'm a big Android fan) and no one else is close.
Even if you hate the ipad or Apple as a whole, you gotta be thankful. Our current generation of smartphones wouldn't be the way they are without the iphone. You wouldn't see the slew of new tablets coming out this year if Apple wasn't making the ipad.
I'm not an ipad owner (yet), but I'm really glad this is out there.