http://www.apple.com/iPad
It slots between an iPod Touch/iPhone and a full-fledged laptop. I get the impression that it is basically a super-sized, hi-res iPod Touch. The larger form factor allows for a larger on-screen keyboard, which reduces the criticisms of the tiny keyboard.
It stands to compete with full-fledged Windows tablet computers, the Amazon Kindle and other eBook-type devices, and even traditional laptops.
Pros:
Can run 10 hours of HD video on a single charge
Slick touch-based UI
Syncs with Mac computers
Can run iPhone/iPod Touch apps
Cons:
Does not run normal Mac applications
All apps come through app store; apps must be approved by Apple, presumably.
Does not have flexibility of a "normal" computer
Does not have the portability of an iPhone
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