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iPhone will not be able to run apps made specifically for iPad. It may not mean much today. In the future when iPad becomes very popular, more development will design apps with iPad in mind, that won't work well with iPhone. App store is truely the limitation of iPad today, but this will change in the near future.

I don't think development for iPad apps will cripple iPhone development at all.
 
I'm considering buying one as well. I have an iMac at home and an iPhone that never leaves my side. I've watched movies and tv's shows on my iPhone while doing Cardio at the gym, but it would be nicer to watch movies on the larger screen. I've also watched a movie on airplanes while traveling across country. The problem with that is by time you get there your phone is out of power. If you use up all your power on an iPad, you still have a phone.

I've been thinking about how I would use the iPad at work (yes, like many of you I'm trying to justify the purchase, and luckily I don't have a wife to apease). I go to many meetings, so I think I might use the iPad to take notes, as opposed to bringing paper with me. I would also use one of the task applications. I'm using 2Do on my iPhone and I really like it. I'm hoping they come out with an iPad optimized version.
 
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