I don't really want to hijack this tread to talk about the iPad, but...
1. The browsing experience - 1024x768 screen, with limited memory that makes every page reload when you switch between pages. Lack of flash isn't a deal killer for me, but it certainly detracts from the overal experience when you go to websites that require it. I'm comparing this to a 1600x1200 laptop screen, with fast, multi-tabbed browser. I guess it all depends on how you use the browser.
2. Apps - I'm sorry, but I think 70% of apps out there are stupid little games that people spend hours killing time with. They are a big distraction, and a huge time drain. Weather? I can check on my phone faster. Or go to weather.com and get more info. Receipe apps? What's wrong with going to the million websites? More choices, etc. Recording apps? Yes, few aren't bad. The point is, I bought and used way too many, and nothing made it stick, the way apps make sense on my phone. I guess I'm old school and like big tools like MS Office, Adobe Photoshop, Visual Studio, etc, etc...
3. Keyboard - If I need a Bluetooth keyboard, that's just another physical item. Might as well use a laptop.
4. Physical attributes - yes it is thin, runs cool, and lasts honest 10 hours. But it is also extremely limited in a lot of areas. Can't use it outside - it overheats in the sun very fast, and screen washes out. No camera, so no video conferencing. etc, etc.
iPad has been created as a content consumption device. I'm probably getting old, but I don't watch movies or programs on a screen this size, and only ocasional Youtube videos, mostly for reviews. As a music player, it's obviously too big to be portable. I use my iPod to work out and in the car - iPad doesn't work there...
There is also the way that Apple limits everything to its way or the highway. The iPad is way too bright at night, and no way to reduce the brightness except in ereader apps. No way to easily organize apps (I know, iOS 4 is coming, but not until later for iPad). No way to multitask (unless jailbroken), no good way to organize documents on the iPad itself, etc, etc..
Now, I'm not saying that iPad is useless by any means. There are many great uses, and very many happy people. And maybe, if iPad 2 or 3 comes out, and has a hi-res screen, good multitasking, and the missing camera and SD card slot, I might buy it again. For now, a combination of a compact 14" laptop, a good phone, and a good ereader is better for me.
Since this is a reading forum though, the main point is still that as a reading device, an e-ink reader is better
