I've always looked at IoT as a mesh network of many specialized devices talking to each other to provide an overall context. For instance, speaking from my background: imagine a location sensor on a patient's wrist detecting an iBeacon in a particular ICU room indicating the patient has been upgraded, then triggering their vitals sensors to set to continuous monitoring, then upgrading the alert level for the patient's notifications in a physician's EMR, so on and so forth. In other words, these "Things" act more as specialized sensors, like our ears and eyes, that relay signals onto a digital thalamus/cerebrum where signals are integrated, a context is created, and actions are then taken.
I may be totally off-base here, and perhaps this isn't what Internet of Things is really about. But I hope it is.