The price is too high for what you get right now. I like the $499 price point, but I don't like getting a paltry 16GB of storage for that price - though ironically, when I bought my netbook, I paid pretty close to $500 for a model with a 16GB flash drive and added accessories like extended battery. I think, much like the first gen of the iPhone (which was also overpriced at $599), we will see a pretty hefty chunk of that price lopped off perhaps 6 months after launch as flash memory prices return to normal and Apple is confident enough to see that wider sales justify a smaller, yet decent profit margin.
No multitasking is obviously a problem for this device. With the iPhone, I'm ok and actually appreciate no multitasking, as it's the only "smartphone" out there that actually holds a charge for the course of the day when doing something other than talking on the phone. With the iPad? No, I want my multitasking, at least to some extent. Even if it had an artificial limit to only be able to run two apps at the same time in order to preserve battery life and CPU cycles, I would be happy with that, but if a $400 netbook can multitask decently with pretty good battery life, an iPad needs to be able to multitask as well. I highly suspect we'll see more surprises unveiled leading up to launch, as well as not long after. Pretty much everyone and their mom expects iPhone OS 4.0 to introduce at least some sort of multitasking, if not iPhone OS 3.2. I think it'll happen.
No camera - Honestly, who cares? You're not going to videoconference on a device that you hold under your chin near your lap for normal use, nor are you going to hold the thing up like a fool and look into it like it is a mirror. You're also not going to hold up something the size of an iPad to take relatively shitty quality 4-5MP shots, nor are you going to use something that size and shape to shoot video. People harping on the lack of a camera are simply not thinking about the form factor of the product.
No flash support sucks in a way, but to be perfectly honest, my life on the web gets less and less reliant on Flash by the day. With HTML5, no site operator with a brain will be using Flash for web video or web audio, when HTML5 will let them reach a far wider audience with far less overhead - and this conversion is already happening. Flash's days of dominating online media are numbered, regulating it mainly to Flash apps running within the browser - which is also clearly time-limited. Apple need not sweat lacking a standard that is dying on the vine and encircled already by many an open-source advocate, carrying pitchforks. Yes, it's all money motivated and Apple is blocking Adobe out. Boo-hoo. Adobe has been pulling this crap for years.
rah-rah-rah... Bottom line for me is, I suspect a price drop and a firmware update later and I'll be buying one happily within a year.
I think
this blog also absolutely nails what the tech community at large doesn't get about it.