Its a niche device - it will not replace laptops, it was not meant to. That is the press hype.
I would originally railed against the product and hated on it for two weeks, I would have liked a full tablet computer from Apple, but come to think of it, my bitching was premature, and iPad does what I need it to.
I have a desktop and laptop for all the tough stuff and real computing, and my laptop is overkill for most of my traveling, all the features I wanted and paid for on my laptop, I rarely use. Never used my card reader, never use my cd drive, almost never use my usb ports....... The ipad fits those who don't need all that stuff and just want a simple device. And with the Drop Box app, which creates a desktop hot folder to sync docs to the iPad, who needs a usb stick to transfer files?
I use my iPad as a notepad with voice dictation, an ipod, and browsing device, and the lack of flash is because flash SUCKS. Even the sites that use flash do not work on other mobile devices because mouse overs are all messed up and don't work well with touch screens anyway.