I went to the Best Buy at Willowbrook to check out the iPad for myself. They have plenty in stock. It is indeed just a big iPod touch, and the problems with the form factor are immediately obvious.
The iPad is heavier than you would expect. To tap the screen on a smartphone you can just move your thumbs while still holding the device. On the iPad you can't do that - you will need to hold the iPad with one hand while tapping the screen with your other hand. This will quickly grow tiresome due to the weight of the thing and the distance your fingers must travel.
You can't rest it on a table or other hard surface because the iPad will slide and move around as you interact with the screen. Typing is not easy. If you rest it in your lap the only way to interact with the display is by keeping it level with the ground. This is very awkward.
What is Apple's market here? What's the point of it? Why would a road warrior carry around a phone, laptop AND an iPad? The iPad is not a phone, nor is it a useful mobile computer.
It seems that last week the hardcore fanbois turned out, but now... at the Apple display at Best Buy I watched people fart around with the iPad for a minute or two, then move on to the iMacs and MacBook Pros. The "ahhhh" factor was just a lot of hype.
iPad will not save the newspapers.
iPad will not create a new computer goldrush.
iPad is a dead end. It's a very expensive device that will be found in many junk drawers, though.