I’m not trying to convince anyone either way, but I see three cases regarding the iPad:
1. You want to consume media and don’t really care about usability or ultimate function. Maybe there’s some specialized app(s) that make(s) the purchase worth it.
2. The lack of function for its size means you’re happier with a smartphone, which ultimately provides a good deal of the same usability, but is far more portable. You’re also not really interested in the type of app that would make better use of the larger screen.
3.You’re ultimately happier with a fully-functional notebook, which provides much greater functionality, but sacrifices certain aesthetic or form-factor benefits.
Arguably, the thing that the iPad does best is just being itself. What I mean is, its size, shape, and ergonomics make certain uses better, but its hardware and Apple-dictated limitations mean that its range of uses is smaller.
I guess you could say that the iPad is like Wolverine, in a way: It’s the best there is at what it does. However, I think in my case I want both more, and less, than it offers.