How do you know this is a very locked down device?
Because it uses the iPhone OS which is itself fully locked down. It's nothing like OSX on Mac PCs. Secondly, it uses the app store and finally - it is an outlet for more Apple sales. It's a device, meant to create sales for apple's other products - music, apps, subs.
It's more of an appliance except this appliance does not have the specs a proper appliance like that should have for $829.
There was no way this was going to be your macbook in tablet form. By now you should have known that Apple doesn't like to cannibalise their product line and to think otherwise shows a certain lack of understanding about apple.
Why not? What you're saying is that there is no way this was going to be a macbook in tablet form because Apple sells Macbooks and MacBook Pros. That's akin to saying - they won't sell Macbooks because those would cannibalise the sales of their Macbook Pros or they won't sell 13 inch Macbook Pros because then no-one will buy a 17 inch MBP. Also what about the Macbook Air?
What makes computers great is that they're general purpose devices. What makes them also great is that they can run a number of things at the same time and you can purchase software from various vendors OR use OSS. The Pad is a cute appliance and Apple will punt it - or rather the ecosystem of integrated services - to make it successful but it's not a computer.
This is great for some, but for others who like computers and not customised solutions to deliver content Apple gets a royalty cut, this is just a big conflict of interest device - UNLIKE the MB/MBP/MP/iMac.
Also I don't think Job's dissing of Netbooks was great. He only chastised them because they don't run HIS content. Jobs is forgetting the 12 inch Powerbooks notebooks he used to sell. Those were powerful yet tiny devices. Some of us want THAT, small, gwerful, good quality and ability to run OSX. That's why netbooks are popular - they're TINY and reasonably light. They should all be 700g and thin but those are expensive but even the cheapo ones are not that bad.