The point of the iPad is not to be a platform for Apple's media, it's supposed to be a hybrid between smartphones and laptops; a netbook killer.
Although I'll admit I haven't watched the whole video of the release conference, I'm pretty sure they didn't pitch it as a netbook killer or a smartphone/laptop hybrid. If you're disappointed about that, you can only blame yourself for believing every word of the hype and rumors generated by the media prior to this MYSTERIOUS DEVICE's release. No one knew for certain what would be unveiled, but apparently the term "netbook killer" had been floating around for a while. I just read the text press release and didn't see any quotes by Steve Jobs referring to it as a hybrid device or a netbook killer, other than being "thinner and lighter" than a netbook.
A thinner, lighter, shinier, multitouch device from APPLE. This is all you should have been expecting.