Like you, I remember the unrealistic nonsense coming out of some of the iPad early adapters. I was an iPad early adapter, too, but didn't buy into the hype. Although the iPad's small size and light weight were impressive, I hated a bunch of things about it including but not limited to: no flash support for Web browsing; no multitasking; the difficulty of typing on a virtual keyboard; a primitive email app; an inability to exchange data via a wired connection except with iTunes; and a bunch of other things, too numerous to go into here.I think this is mostly true. In fact, I'd go so far as to say that if you checked carefully, you'd find a large percentage of the 11" netbook owners were the same people RAVING about the iPad at its introduction and proclaiming how it was the perfect device, would make them sell their MBP's as being "too beastly" and how they would never buy a laptop again now that they had this magical device.
In other words, people who bought into the hype. Fanbois. Fangrls.
Its a machine. For certain users with limited or unique (and always personalized) needs, the machine is perfect. For others it is not. There is no silver bullet in personal computing. As sure as you may be certain that this device is PERFECT in every way, the next generation from either Apple or a competitor will prove you wrong and you'll be back proclaiming all the flaws of this generation.
Its cyclical.
I think the MBA is a different kettle of fish, though. Unlike the iPad, the 11 inch MBA runs a real OS and provides unlimited access to real computer programs. For most users it should be a perfect choice for mixed use as a backup computer and iPad replacement. In fact, had the 11 inch MBA been introduced last spring along with the iPad, I would likely have bought the $999 entry level 11 inch MBA instead of an iPad. Although the MBA is a lot more expensive than the iPad it is vastly more powerful and comes in almost as small a package as the iPad.
All of that said, I bought a 13 inch MBA because I needed its 256GB of storage and was a little afraid of the 11 inch model's small screen.