High definition movie editing, on a phone (iMovie on iOS)? It is amazing to see how far things have come in since 2007. In 2007, if you said you were going to download an app to edit a high definition movie on your smartphone you'd be institutionalized.
When the iPad was announced last year, it appeared to be a somewhat risky move on Apple's part, lest it cannibalize Mac sales. Now, just a year later, Apple could take the Mac and shoot it and survive. This has to make the PC maker's blood run cold; Apple is selling a device with 95% of the usefulness of a Windows PC but only 5% of the hassle (to the casual computer user), and they've got nothing to lose if they cannibalize all of their laptop sales.
The breathtaking aspect of this is how just a year ago the Microsoft monopoly still looked unassailable, but now, to some, the iPad's position seems nearly unassailable and on track to capture a huge portion of the casual computer users of the world.