I mentioned in the thread in the General forum that I was looking forward to the announcement, but generally disappointed by it.
Hardware drawbacks from my POV:
1. No front facing camera, so you can't do videocalls with it which it would otherwise seem ideally suited for
2. No USB slot to attach peripherals. I don't count a dongle that can be purchased separately and plugged into the bottom as equivalent!
3. Wired connection to PC/Mac to get stuff on and off it. What's wrong with wireless sync, guys?
4. No phone. Seriously, when Steve is doing his demo and looks up local sushi restaurants he is pleased that he finds one and can show a picture of it. Problem is, that is all he can do! If he was using his iPhone he could tap the restaurants phone number and make a reservation, but with the iPad... he has to keep it on, fish out his phone and dial manually? Pah!
Software drawbacks
1. iPod Touch software is OK on a phone sized device, although it has a number of niggles (e.g. always have to go back to home page before going to a new app, you can't get directly to an app or switch quickly between a couple of things). That would be a huge PITA for me on a device like this.
2. Dunno about ebooks, but what about PDFs? the OS should handle it, but their itunes model means you can't get them on there and into a library without some alternative means of doing so. MacOS X is almost built for showing PDFs, and yet we don't get to use them on the iPad?
3. I'm not sure what the point is in having wizzy contacts and calendar applications on it, as it isn't the thing I'm going to be carrying around in my pocket. Those things are on my iphone (or other smartphone device) so that I've always got them in my pocked, where I need it. Helps for the phonebook to be able to dial someone too...
4. Steve claims it is the absolutely best way to view the web. Except of course it clearly isn't if you've any interest in Flash at all. I don't know whether they allow tabbed browsing, but it is one of the most annoying misses of the iPhone safari, especially when visiting forums or new sites.
I'm finding it hard to see the selling point here. I wouldn't watch TV on it because I've got a TV. It is too big to carry around with me everywhere like my smartphone (and lacks some key functionality compared with the smartphone). If I want to create anything, I want to use my main computer with a fully featured OS.
What would I like to see? Probably a Tablet running a version of Microsoft Surface

At the very least I'd want to see something with a bit more in terms of connectivity and camera capability and with a lot more ingenuity in solving UI issues for a pad sized computer as against a pocket sized computer.
Cheers