Whats the screen res on it?
Looks like 960 x 480.
Colour me unimpressed. Jobs is suggesting this is somehow better than a Netbook, yet it appears to be missing a webcam and mic amongst other things. I use skype on my Netbook, in fact I use almost everything I do on my bigger laptops, apart from major image manipulation, video editing and Virtual Machines. This is also before condidering that a Netbook is self supporting if you are in the living room watching TV, it sits there on the arm of the couch with the screen at the right angle. The iPad will demand you hold it or find a flat surface to stand it up on. That will also suck for movies, too, right?
If it IS aimed at the netbook space, then it need to be a netbook price, but it won't be. It will be priced around the 16" Wintel laptop range.