My worst frustrations with the iPad:
1. Not available in Australia yet
2. Even when it finally comes out, I'm going to wait until v2
I can wait. Really. I'm capable of patience.
<drums fingers>
Back to the original topic, I have no problem with a lack of Flash or Java. I hate them both impartially. (See? No partisanship.

)
I will definitely use the iPad for reading, especially with the stand, as I am unable to hold books. I'd love to see reading all sorts of text (books, newspapers, magazines, reports, graphic art etc.) as an integrated experience. I think the iPad has great potential for making reading/listening/viewing material much more accessible and less compartmentalized.