The iPad cost $500-$900 and does a few things exceptionally well. (Like hook into iBooks, iTunes and Apple's App Store.)
The Modbook on the other hand, starts at ~$1700 and does all that other crap the technorati wanted the iPad to do. I think everyone just wanted Jobs to come out with a tablet computer that was cheap and badass like MacBooks are and, unsurprisingly, that didn't happen.
I mean, I'd love it if Chevy held a press conference and said they were going to sell Camaros for $10k. But it won't happen and I'm not going to get all indignant about it.
After all, Steve Jobs said himself they couldn't build a computer for $500 that wasn't, "a piece of crap." So I don't see what the big deal is about the iPad, in that sense. (I think it is a big deal in several other senses, like the piggy-backed announcement of iBooks and the A4 chip, etc...)