I've been critical, but it does have some positives:
It's beautiful
It looks awesome to watch movies/videos on...forget portable dvd players
The battery life, if it's really 10 hours for normal usage is amazing
It's expensive, but not too expensive. My guess is they could deliver on price because they didn't have to spend a lot of R&D. All the tech (except for the processor which seems very simple) was all off the shelf...it's just a big *** iPod Touch.
But again, it's not a phone, so you'll still have a cell. And if your phone is an iPhone...you already have a better portable music player than the iPad. It's not going to replace your notebook computer. And if you're a Kindle/Nook user, a serious reader, the iPad with a backlit monitor isn't designed for serious reading.
What is it then? It's the answer to the question no one asked. And since it's the answer to the question no one asked...when you whip this sucker out on the subway, you'll look like that smug douche who gives you an answer to the question you never asked. You'll look like Hipster Moses carrying the tablet of the Hipster Ten Commandments.
I'm a loyal Apple customer, but I think this one goes the way of the Cube, iTunes Phone, and the Newton. And if you're a shareholder that's okay, because for every 3 or so iMacs and iPods and iTunes you're gonna have a Cube and a Newton. It's part of the creative process. When you stop being innovative and daring and taking risk you're gonna lose your advantage. It's just unrealistic to expect to launch a winner every single time.