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The lawsuit may not hinge on "device shuts down when it gets hot" but "buyers aren't warned that device won't work under many standard reading conditions"--like at the beach. And saying your device is "just like a book," and then not working in conditions where a lot of people reasonably want to read (poolside, at the beach, at a picnic table in direct sunlight) seems like grounds for a lawsuit.
While I understand that electronic devices don't work when they get too hot, and "too hot" can include temps that I'm comfortable in... the general non-geeky public may not know that. May believe that the iPad, a device of astounding technical achievement, has somehow overcome the overheating problems that have plagued laptops for years.
This could be avoided by putting a sticker on future iPad boxes: WARNING--Device shuts down in temperatures over 95F/35C. (Also, by not saying it acts "just" like any non-computer device.) However, they might lose sales to people who live in areas with hot summers, who have to think about how much time they spend outdoors, or in hot buildings, and whether they want an iPad that doesn't work in those conditions.
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