It's not a general-purpose computer (much like an iPhone or an iPod). It's a browser and e-mail and e-book reader you can use while on the bus. For reading, it's less cumbersome than a netbook.
But there's that keyboard dock. That should make composing long-emails (or using the iWork suite) less of a painful experience. Since it doesn't allow connecting a mouse, I will wait until there is emacs ported to it ;-)