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The Ipad is a larger Itouch with some extra bells and whistles. It's a more on the go entertainment unit than anything. Granted they are releasing more business/productivity software for it its still at this point a glorified Itouch.
This is what I think too. My friend and I were in the Apple Store for hours yesterday playing with them. It could replace many things with what it can do. He wants to use it for note taking for class and it looks like will do that once the app comes out this Friday. And the sales guy showed us how scratch resistant the screen is by taking keys to it. Amazing thing. Now I'm going to have to start saving money to get one. If there was some way to integrate it into a car's ecu then it can be a trip computer as well. Imagine it being an audio device, a scangauge, movie player, and engine temp gauge. I hope someone comes up with a way to do that.