Had there been a microSD slot, it would've been an instabuy. Without it, however, I fear that in 6 months I'll be juggling which applications or media I want to keep on it.
I understand that Google's "everything in the Cloud" is an answer to this. Why keep music and movies on the device when you can offload storage? Because I don't want to depend on connectivity, and the device doesn't have native 3G.