I'll add to Mr. Monkey's musings...
Initially I was pretty excited for the pad, as a content consumption device. However, the more I have thought about it, considered its use and abilities I'm almost certainly going to wait to see how the HTML5/Flash battle goes. A big chunk of what I'd want to do with the pad is to use it as a small TV essentially via sources like Hulu and downloaded content. It's unclear to me how Apple will either replicate this ability since it won't support Hulu to start with or how I'd easily be able to view content I download. I don't want to have to transcode and sync everything I download and it clearly isn't going to allow me to download a zipped movie file directly onto it and unzip and watch it. That's kind of a big suck for me.