Sadly, as lame and underwhelming as the iPad appears to be, it will probably still get decent sales. There are far too many Appleheads with too much loyalty and excess discretionary income. They tend to drink whatever kool-aid the almighty Steve-o mixes up for them, and they have to run out and buy the "next great thing" that Apple puts out.
Honestly, though, there is a small part of me that likes the basic premise. A nice slick pad that can do ebooks but also some games and video and such, and has the ability to have some interesting applications developed for it. But no multitasking and tying it to AT&T's already crappy 3G service (that they like to blame on the iPhone being a data hog) just make the entire thing lackluster in my eyes. And, of course, in the Apple tradition it is way overpriced for what you are getting.