There's going to be a lot of buzz surrounding the new Apple iPad announced by Steve Jobs today.  I won't rehash all the news that's already on the blogosphere, but I did want to point out a few caveats:

1. Get the 3G model if you want location services.  Yes, it'll cost at least $629 instead of $499 for the base model.  But you need the 3G SIM card to get GPS.  Otherwise, you get the same wifi-based location services that the 2G iPhone used.  Given how many apps these days are location-aware, the extra money is worth it to have the GPS hardware on-board.  Also, I wouldn't be surprised to see an announcement this summer for an iPhone 4G and a iPad 4G.  Assuming AT&T can handle the data demand.
2. Apple crippled the video-out.  It will play HD 720p video on the internal screen.  But the video out port is analog-only.  Which means VGA to a computer or Standard Def 576p to a TV. Blech.  Maybe an AppleTV refresh is coming based on this thing's video engine, but the iPad isn't an HDTV convergence device yet. 
3. They could have called it the iPod Touch DX instead of iPad.  Steve Jobs may call it "magical", but its not revolutionary.
4. The iBooks app looks a whole lot like Delicious Library.  And it's recycling a name from Apple's consumer portable.  I wonder how many of these are going to be sold on ebay by mistake.
5. It ships in 60 days.  Good luck getting one.  While I'm not blown away, I'll be in line for one anyway. It looks useful as a color Kindle or upscaled iPod.