Good:

• Several early apps reveal the real reason this device is a difference maker, at least in the longer term.  Our favorite examples are the NYT Editors’ Choice, NPR, Weather Channel, ESPN, and Apple iWork apps.  Each is so immersive it’s easy to forget there ever was a web, a mouse, or a windowed interface, and they make a convincing argument for Internet-fed content gardens.  To say we’re blown away with these apps would be an understatement, and if they don’t cause you to “get” what Apple does or even gravitate toward it nothing will.  With no disrespect to their authors, it’s the right user interface design standards, the right screen aspect ratio, and the right tools that deliver this level of consistency and greatness so easily.
• If you’ve enjoyed using a Covey planner you’ll fall in love with the iPad Calendar app.  It’s one of the most beautiful, easy to manipulate and logical apps we’ve ever seen.  Same goes for the Address Book.
• Safari on the iPad is the most immersive browser we’ve ever used.  Font rendering is spectacular and multitouch manipulation is so well implementation and puts you so close to the content it makes a mouse feel antiquated.  This is also true of pretty much every other media app, but it really gets your attention in the browser since we’ve all grown pretty accustomed to using one over the last 10-15 years.
• You can add a 5th (and a 6th) app to the dock, which for us is quite useful since we’d like to see about 30 of our apps on every page.
• The screen’s just as amazing as everyone says.  This seems to explain why my teenaged daughter prefers it over the giant screen in the theater room.
• The battery life is even more amazing than Apple says.  You’ll likely get 12 hours instead of the listed 10 hours.  Wow.
• The screen lock might be the best thing added to the device, and we hope to see it baked into the next iPhone.

Bad:

• You might be surprised when you plug the iPad into your computer to charge and it doesn’t (many USB ports don’t have enough power to charge it).
• The headphone jack is on the top, so your headphone cord will likely drape over the screen when you use the iPad in portrait mode.  Yuck.
• If you plan to create, access, share, and move files regularly  you’ll probably be pretty turned off with the lack of a real file system.  It’s obvious Apple’s trying to go minimalist here by literally stripping out the entire file system folders and directories paradigm, but we feel it’s so stripped down it lacks real logic for those of us doing business.  Mail servers and iWork.com (at lest in its current beta form) shouldn’t be the only real way to move and share files.
• Though the idea of having Netflix on the iPad is phenomenal, the implementation – though functional – is severely lacking and really doesn’t work right if you do anything else besides playing some on demand content.  We’re hoping a better version arrives soon, since this one is an embarrassing product next to some great video centric apps (like ESPN’s).

Other notes:

• The iPad itself is surprisingly heavy – not too heavy, just weighty at 1.5 pounds.  It feels oddly reminiscent of the original iPhone, particularly when the first gen iPhone is held side by side with the iPhone 3G when it was released.  We’ve heard some whines about this, but we can’t imagine this device in a plastic resin and can imagine it being ‘too light’ to the point of sliding off someone’s lap while using it, had Apple chosen a plastic enclosure.
• Packaging continues to become more minimalist, including an outer shell that’s not as bonded as previous packaging and is a bit more flimsy.
• You’ll need to use the included AC adapter if you want the iPad to charge fast.  Though it looks like any other USB adapter Apple’s made, it’s actually a 10 watt adapter so it’s driving some reasonably serious juice into the device.
• The iPod app looks a lot like iTunes when the iPad’s in landscape mode.  We think this is super cool, and a great way to make converts out of computer people.

Verdict: We think the iPad is slightly ahead of where the first generation iPhone was at launch, relative to its longer term function and capabilities.  Don’t get me wrong: this is an amazing device and we really gravitate toward consuming some of the best presented content, particularly the apps discussed above.  But we think almost everyone’s missing the point of this device, whether the like it or hate it.

The ‘hate its’ call it a big iPod touch, while the ‘like its’ call it revolutionary.  We think they’re both wrong, but the device has the DNA to be revolutionary.

The truth is that the magic isn’t the device per se:  it’s in the implementation of the apps and the tools that help build, deliver, and display, them.  What we mean is the device is great (and will only be made greater) as a result of the work Apple has completed on the operating system and software development kit (SDK), and so much more will be revealed when version 4 of the operating system comes online.

Apple’s deep, rich interface standards are responsible for some quickly developed, great apps and they’ll ultimately be responsible for the thousands more arriving soon in the app store.

Same for the operating system: how Apple chooses to address some big items like multitasking, tiny applets that are currently iPhone-sized and really needn’t be larger, and even document management will dramatically impact the iPad’s place in the history of computing.  Behind the scenes, syncing and the ubiquitous use of HTML5 standards will seal the deal for regular users even though they won’t even realize these standard are at work behind the scenes.  Even Apple seems to know this: Steve Jobs has all but banished Adobe Flash and Apple’s building a massive datacenter that we think will host sync and push services that are and will be baked into future versions of the mobile operating system running on the iPhone and iPad.

Is this a revolution?  The marketing and hype says ‘yes’.  But the momentum must be met with the same continued evolution we’ve seen with any other great device, including the iPhone.

Perhaps this is why I’m personally eager for iPad generation 2 and all the apps we’ll soon see.  Equally interesting will be watching the true tipping point that moves this device from “must have” to “everyone’s using” status.

AppleInsider’s got some pretty good coverage  as well, and you can find it here.