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Another way of looking at it is to see how the iPad is priced compared to, say, an entry-level MacBook Pro. In the U.S. the MBP is $1199, the 16Gb iPad $499, or a little under 42% of the price. In France the MBP is €1149; apply the same percentage and you get €479 for the iPad, so not a million miles away.
Prices here in the UK are £999 for the MBP, so applying the same logic suggests an iPad price of £416; I'd be happy if that translated to £399 for convenience, but wouldn't be surprised if it was £449 <shrug>
Fingers crossed, we'll find out soon enough...
Cheers, Pete
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