The iPad has high speed wireless connections and so at least potentially could act as a very powerful input peripheral client for many desktop apps talking through a server running on a "real Mac" (or even Windows).
I think there's huge potential in this:
I note that they have an SDK and what looks to be a whole bunch of PC apps. The iPad could communicate with your home Mac or PC to a USB dongle which acts as hardware interface.
Another thing that might be a hit is multiplayer games. I was playing an air hockey game with my son on his iPod Touch and it was surprisingly good. With a bigger screen that could really be an interesting thing to watch.
Lots of board games might work pretty well on something like the iPad as people could sit round it.
Not to mention 75M people already know exactly how to operate it.
So either they will have to convince those 75 million people to carry two devices or find a new market.