Jack of..... Most Trades, master of none. Except being sexy. Kind of like Jessica Biel.
The thing about it being a laptop replacement.... so many people multitask with their laptops. The iPad is not for people who like to actually do work on their computers, or people who need to use multiple applications at once that interact with one another. It's fine to use as a fancy hard drive for presentations, for example, but would you try to compose that presentation on it? No.
It's a cool piece of kit, but it doesn't push my buttons the way the original iPod Touch and iPhone did. And as for reading I'm already hearing a myriad of complaints about using it as an e-reader, it's simply not anywhere near as good as e-paper readers. Thirty minutes here and there fine, but it will tear your eyes out in an afternoon.