You nailed it right there. Windows Mobile was far more full featured too.
Exactly. I owned a netbook years ago that I wanted to use as a portable PC when I was out, it sucked so bad. Sure it had better specs on paper than the iPad (minus the dreadful screen), but my god did the experience suck. Everything on screen was minuscule, the keyboard was terrible and small, the build quality was garbage, etc. I could go on and on.
iPad doesn't do everything that a laptop/netbook does, it doesn't have to. It just needs to be the best within it's class of product (which it is). Netbooks weren't the best in their class, they were just cheap garbage laptops that were depressing to use.