I felt the same way watching the keynote, bored, and then I finally figured out what was wrong with Steve's keynote.
In the past Steve just shows us a product, tells us about it, and demos it. People get excited on their own because the device is so cool all by itself, he doesn't need to sell us on it because we already want it. Like a .16" laptop, a touch screen phone/iPod, the most powerful desktop computer, a slim all in one computer, a gorgeous aluminum laptop with 8 hour battery life.
However with the iPad keynote he was trying very hard to convince us to buy an iPad, he was constantly trying to get people excited about the device. He was trying to justify the existance of a device that serves no purpose. It maybe better at the web and photos, but besides that it is not portable like an iPhone and is too limited to compete with a netbook, not to mention a MacBook. It is not revolutionary, and it didn't have anything new. It was overhyped in every way, because despite the rumors everyone was expecting the tablet to have that one more thing, that no one expected that would make it awesome and set it apart, but it didn't it just turned out to be a big iPod touch.