iPad – the moment we have all been waiting for?

For months, we have all been clamoring for a peek under the hood, a glimpse at how Apple’s “latest creation” would look and how it would work. The prevailing rumors were that it would be a tablet and it would roughly be 10” in size. Then the rumor mills picked up steam and spun tales that an even larger announcement was pending and that in addition to a tablet, Apple would unveil the latest incarnation of the iPhone: a more versatile, Verizon-friendly 4G version of its current 3G device. Yesterday, those mills proved themselves unreliable, as they often do, when Steve Jobs unveiled the iPad sans any mention of a new iPhone (sorry Verizon subscribers).

The device has largely been met with reviews that are tepid at best. As is the case with seemingly everything that comes out of Apple’s Cupertino labs, the iPad is visually pleasing. It has a 10” LED widescreen display that sports multi-touch capability and “fingerprint-resistant coating.” The iPad has an onscreen keyboard when it is being used in landscape mode and a USB port for a physical board when it is being used in portrait mode. The device’s 10-hour battery life allows users to essentially go the whole day on a single charge. With the iPad comes the introduction of the iBookstore; a digital book application, used for purchasing titles and displaying them in a virtual bookshelf. iPad owners who purchase books from the app can read the downloaded titles instantly.

A 3G version of the device will be available in April and will allow subscribers to surf the web, download movies, music, books and apps wherever they are but only through AT&T.

Unfortunately, for the army of us who eagerly await Apple announcements, this device leaves a lot to be desired. Though it surfs the web, runs iTunes, and providers consumers with access to the roughly 140,000 apps in the App Store it lacks a camera, microphone and Flash, making it nothing more than a larger iPod touch.

Don’t get me wrong, the iPod Touch is a great device (I actually own one) but so much was expected from this device that we are left feeling disappointed and unfulfilled. It’s like seeing Kobe Bryant score 50 points everytime they play at the Staples Center. If he only scores 30 points the next time you see him, you’d be appreciate the effort but won’t be nearly as satisfied. Such is the curse of the superstar. Maybe if this device were an Acer or Asus the world would embrace it more warmly.

That said, I’m sure Apple will be just fine. Early Adopters will still add them to their carts and line up in store for their iPads in March. In fact, if history has taught us anything it is that:

1) 1st generation Apple releases are typically followed, almost immediately, by much better upgraded devices.

2) Roughly 45% of Early Adopters upgrade to newer devices*

So is this the moment we have all been waiting for? Hardly. So I, for one, will sit back, wait and watch as the magnificent marketing machine that is Apple crank out better, more exciting features for the iPad 2.0.

* Morgan Stanley Study on the iPhone measuring Early Adopters who bought the 1G iPhone in 2007 and later upgraded to the 3G iPhone in 2008