I see people endlessly attack the iPad because it isn't a laptop. But really this is a false and pointless comparison.
I have no need for any kind of computer that leaves my home, thus I have no desire for a laptop/netbook when a desktop has better interface and better price/performance, more storage. So my netbook vs discussion is netbook vs Desktop. Desktop wins. I was never going to get a netbook/laptop.
iPad isn't a replacement for anything. It is a companion device.
I am interested in an iPad because it makes for a interesting Bed/Couch reading/surfing appliance. I wouldn't buy a laptop for those activities because it is too heavy/awkward to serve as a reader.
It doesn't matter at all what "more" a laptop will do because it will be inferior as a casual reading appliance, when I need to do more, I can use my desktop, it doesn't have to do everything, it just has to deliver on activities that fit with the intended mission.
So yes it won't do everything a laptop will, and it isn't intended to. That isn't the story here. The story is a new kind of experience reading/browsing with a very light form factor.