It's not something I want, but iDon't like the iPhone, iPod, or Kindle, either. I haven't seen the Nook in person yet, but it sounds a little closer to something I'd want -- but I still think the tech density and designs are premature.
The iPad (which I agree is a terrible name) is basically just a big iPhone that you can type on, probably not very comfortably. Whether or not the $500 version is a good buy for a lot of people, I think, will mostly depend on the apps. Still, it seems to have substantially less overall utility to me than a netbook in the same price range.
I realize I'm not in their target demographic, but I still think there are going to be killer portables in the next few years, and I think they're going to make the iPad look even more underwhelming than the presentation makes it look. Jobs saying that it's awesome because you have the internet right in your hands is pretty lame marketing, if you ask me.
It's frustrating because there are technologies right on the cusp that will blow this kind of design right the hell out of the water, but they just always seem to be right on the edge of becoming cost-effective.
Just one example of what they could be doing:
There's also a neat trick, along the lines of the virtual keyboard, that I'm amazed none of these touch-screen beasts are making use of. It's easy and not prohibitively expensive to make one of these so you can put it down on a flat surface, at an angle so you can see the screen more comfortably, and use the flat surface in front of it as the touch-sensitive control surface. It's not really touch-sensitive, of course, but rather the device just scans the surface and can see your finger, and there's a discreet cursor on the screen. This gives you more screen real estate for free.
Of course, you can add the virtual keyboard with the same technology. Hell, I'd put a waterproof flip-over cover of silicone, and if you flip it down in front, it's got the keys printed on it (and slightly textured), and there's your flexible virtual keyboard. Typing on the screen means not viewing the screen at the same time. Dumb. A poor use of technology.