It's not a magic box. It never could be. And yet we all made it so by talking about front-facing cameras, flash, multitasking, and every other dream feature we thought it needed. Now the naysayers are rightfully picking a part the flaws and talking about what's missing. Fair enough. I would argue, however, that Jobs sincerely believes that nothing is missing. It's just his way. He likes to push the envelope. So for every perceived "lack" there is a reason.
The reality is that the iPad cannot be as robust as a MacBook, it is that middle device he promised. There's really no need for HDMI Out, a USB Port, an SD slot, or even flash in my opinion (HTML5 is the future). It will be the entertainment and lifestyle device that Apple envisions, and just as is the case with the iPhone, no competitor will ever come close to emulating the user experience, until Apple bests themselves of course.
I think this bit here sums up my thoughts on the iPad launch today quite nicely.