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It depends.

Definitely depends. The iPad is not a laptop replacement. A netbook could be. A netbook running OS X would be even better. But it depends on what you want it for. If you aren't limited by the OS, and limited peripherals, than maybe not. But for a lot of others, a netbook has too many other uses.
 
Apple doesn't like netbooks. It has said that over and over. They want to keep their computers as computers and not scaled down versions with a gimmicky touchscreen interface. They were looking to fill a new niche with the iPad. The netbook already has a defined niche. The iPad isn't an answer to a netbook. Its a different way of computing.
 
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