That said, it will play back H264 videos just fine, you will be able to browse a limited number of tabs, listen to music, etc, etc. Just don't expect to replace your current desktop - it's very likely far less capable than the smartphone in your pocket.
I think the killer feature for these devices are yet to arrive. I want to see a small decentralized (+) eco-system where you essentially get some light and synchronized version of your Linux desktop. For example, I want to be able to check my RSS feeds whilst on the move and have the 'read' items synced across devices. Or begin listening to a podcast on one device and then resume it on my desktop when I get home.
What we'll likely get though is a mini-Linux desktop that barely runs anything, gets some very focussed device-specific apps and they won't play nicely with anything at all.
(+) Read: Doesn't require some cloud server, simply that the devices are on the same network.