I don't really get the whole thing, either, but I didn't even have a cell phone 3 years ago and barely use the one I have now.
If I'm out and about, I'm actually doing something, not messing around online or watching TV. If I'm home, I have my laptop and my plasma TV.
I guess I could see some sort of role for an item like this in some medical, contracting, or sales situations (like a high tech clipboard of sorts), but from a general use aspect, it just looks like another shiny bauble to hang from one's tech cred merit badge. It's neat, and I don't begrudge anyone having one, but I fail to see how this product is going to revolutionize life as we know it.
I don't hate Apple (love my ipod), but I don't really understand the intensity of many of the company's supporters. They're just machines, after all.