I've got an iPad, and as a portable way to view your documents and media its great.
But as a way to create media, it's downright aweful. Lack of flash is a massive thing, but you learn to live without it, and more and more sights are making HTML5 versions. That said, I would still pay a kingly sum to have flash on the iPad.
I wouldn't buy a netbook personally, if you want a laptop, go into the midrange of things and spend ~$1000. Doesn't have to be a macbook, although for students I'd recommend that cuz of the behemoth battery life. Install windows 7 if you hate OS X. You can get a somewhat decent gaming PC laptop for that price as well, like the M11x.
So in conclusion, if your gonna cheap out, get an iPad (or similar product, like the Playbook when it's out). The iPad, atm, is the best choice, but that's gonna change when the other manufacturers get their products out.
If you do want a laptop/netbook, spend the extra few hundred and get a decent laptop (no atom CPU, etc.).