<rant>
I don't think so. I feel that it was a very poor call putting the iPhone OS on this thing; and even so there are some things that are just too hard to ignore for people who own iPhones and iPods.
If this thing was aimed at students, I find it hard to believe that no stylus was included to draw pictures while taking notes in class ---- Very important.
It's too locked. 99.99% of the people I know watch a heck of a lot of videos online (and while flash is a memory hog, it is currenty a very important part of the online video community). Personally, I do not want to be locked into buying stuff from itunes when I can easily stream it using free ad supported websites. For example: Fox streams its stuff online and without the necessary plugins, it fails miserably. There is also hulu which I feel is necessary since it streams most of the TV shows watched today by the general public.
Finally, iSight. Why oh why no iSight? I think that they got too lazy and did not want to change the iPhone OS, thus deciding that they did not want to put in an iSight. I use webcam to chat a lot and I find this device solely lacking.
So, in conclusion, I don't think I'll look back to this thread and realize I am wrong.
Cheers.
</rant>
EDIT: Just for the sake of a background, this is coming from one of the biggest self proclaimed apple fanboys around.