Actually the more I see it, the more I like it.
Apparently early Reviewers have noted that the longer you use the iPad, the more you realise what a gap in the market there was between small mobile computing devices (Smart phones/PDAs) and Notebooks/Laptops.
I think it's important to note that this product IS meant to lie in that Gap. It's not a fulltime replacement for your Laptop/Desktop, but it's much more capable than your phone due to it's size, greater Processing Speed, and in the future we'll find custom iPad apps taking full advantage of the Unit.
Lastly, not to be (too) picky, but the iPad and the iPhone ARE quite capable of Multitasking, and indeed they DO both multitask already - just not 3rd party Apps.
The release of OS 4 will most likely change all that.