Combining LCD with e-ink is awesome, but it's much better if you can have both in the same screen. Especially since the technology to do it already exists. The Adam is a much more interesting competitor to the iPad:
http://www.slashgear.com/notion-ink-adam-hands-on-0969281/
The Adam IS a better competitor. I wouldn't buy an iPad for a number of reasons, but I'm waiting for the Adam with baited breath. It has many features the iPad lacks. Personally, I think it looks better too, but that's subjective.
Key Features10 inch transflective LCD
180 degree Swivel Camera
Dual-Core ARM® CORTEX
-A9 MPCORE Processor
Full High Definition Multimedia
Longer Battery Life
Dual Display
Ebook Client
3G and WiFi Connectivity
Multi-touch Support.