To be fair, if I was in need for a device for general computing and web access, and I was offered either an iPad or a netbook, I’d go for the first one, despite the lack of Flash (which isn’t really a lack imho) and multitasking (who needs that anyway on a device that’s purely meant to be a tool of relaxation and entertainment. You’re not supposed to be doing “tasks” with the iPad (or netbook for that matter), you’re supposed to use it to read a book, watch a movie, surf the net, mail, chat, play games, whatever…
I think the main problem here is that a lot of people seem to think this is a device meant to replace laptops/computers, and thus expect the device to do the same tasks those computers do. This is just wrong, this is a device you put in your living room and use when you feel like checking some sites real fast. This is a device you put in your bag and use to read a book or watch movies on the bus or train. Sure, you can use it to quickly create some documents for work on the go, but this isn’t meant to be a replacement for a proper computer.
And imho, it sounds very promising if it can deliver what it promises and if the community follows with apps. The iPad will be a success, just like the iPod and iPhone, because it fills a gap in that existed for a long time, a gap that netbooks failed to close.