It's a toy.
It's a toy because it only does what Stevey Boy allows it to do.
It's a toy because it's locked down like a games console.
It's a toy because it's pretty but massively overpriced.
It's a toy because it doesn't do half the things that a netbook costing half as much does. Like, oh, plugging an SD card into it?
It's a toy, just like a PSP, Nintendo Wii or to be honest, most "smart" phones on the market.
I can't believe you mention ergonomics, when you're holding a flat slate on your lap, neck craned downward, and pretending you can type properly with it. Do you know that for significantly less than an iWotsit, you can buy a netbook with an Office suite on it? You can even install Photoshop AND get half decent performance out of those tiny little Atoms. Productivity? Try using a keyboard, and not having to guess whether you're hitting the right bit of glass.
It's not that I don't have use for one. If I won the lottery, I'd probably have an iPad specifically for flinging birds at pigs. I'm just under no illusions as to the nature of the device.
It is a locked down, nannying, restricted and expensive toy that's less yours and more Apple's. Don't believe me? Try using one without an iTunes account, or without installing that kitchen-sink travesty of bloatware to start with. Or even better, try registering for an iTunes account without giving Apple access to your bank account in one way or another. That one took me all night, and it wouldn't surprise me if Apple soon close the hackish loophole I managed to google and find! Try getting one as a gift for a child without lying about their age when Apple asks how old you are. Try getting one without subjecting yourself to every present and potential future diktat from the Cult of Jobs.
It. Is. A. Toy.
Now please, downvote me some more, iTards. I relish your disapproval.