Apple has produced (finally) the Apple iPad. Short story, a big iPhone with no camera, a wifi + optional 3G, a book store and a new suite of office suite apps, compatible with current iPhone apps.
In a way I'm a bit disappointed that all the "it can't just be a big iPhone" talk wasn't true, and that the system looks and acts like a bit iPhone instead of a small computer with an iPhone-like UI. IE: no video conferencing, no multi-tasking, and most of the other limitations of the iPhone OS.
That said, they basically killed a big chunk of the Amazon kindle market with the "iBooks". If I can transfer my PDF eBooks to it and view in full color, with zooming and panning and page flipping? Awesome. The non-active screen on the kindle will keep some of the more "high end" readers who appreciate the lack of eyestrain, but I'd be willing to bet that most of the good parts of the kindle (with the Apple Book store and it's power) plus all the awesomeness of the iPhone and it's apps will make a compelling argument.
The product page has more, plus a video. Personally I'm vaguely excited, it looks beautiful and comes with a great Reality Distortion Field, and some of the potential (my own collected eBooks, videos, etc) I can completely see. But replacing my laptop and all it can do with this isn't going to save much weight or space in the backpack I take to work all day. I still want one though :)
Hands on from Gizmodo.