Yes, we've had multimedia for a long time already. But the iPad is the first truly portable device to bring multimedia out of the desktop age and into the portable age. You don't have to like the iPad, but it is changing the game. It's got a decent battery life, a touch interface that is very nice, it's good size without being too large. It's not heavy, Does multimedia well. For the average person who's not all that computer literate, it's easy to use.
As a reader, it works pretty well. With the new Kindle App and the new iBooks and (I hope) The forthcoming Overdrive App, the iPad will be a pretty good reader. One feature I would love to see from these reader apps is an option to turn off 3G/wifi as a setting while you have a book open. That would then increase the amount of battery you have while reading.
I know there are some of you who do no like reading on an LCD screen. But you do read on an LCD screen. Most likely you are reading MR with an LCD screen. I see no difference reading MR on an LCD screen then I do reading a book. The iPad gives the freedom to read away from a fixed position. And if you decide you want to stop reading and browse MR some, you can without being tethered to a desktop or laptop. The iPad gives more freedom then any other device out there. Is it perfect? No, far from it. Can it be better, sure it can. IMHO, there's a lot of innovation going on getting the iPad to do what Apple's not allowing it to do. Just look at what's going on in the Jailbreaking scene and you'll see what I mean.
The iPad is expensive. Why? Because there's nothing out there that can compete with it. Android is the competitor in terms of the OS. But there are no Android pads out there that are decent. What's out there is cheap junk. Maybe sometime we'll have a good Android based pad, but or now, the ipad is what we have and there's nothing better.
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