With some of what they showed, I wish they never separated iOS and iPadOS. The duo seems to be bringing more of the iPad features and if they could position this as one device to replace both (and the price point sure reflects that) it could be interesting.
But without that, I don't see the use for myself. Though I also rock a 13" iPad Pro so even with that it would be a hard sell to replace both.
I still am not sold on the entire idea of a foldable, there is some interesting things here and I will be interested to see how they position it over the next few generations.