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I have just looked at Apple's presentation of the iPad and am genuinely surprised, and disappointed by Apple's new "revolutionary" and "awesome" product. It reminds me of Palm's Foleo in more than one way.
Follow up:
When the Foleo was launched back in 2007 the "father" of Palm Jeff Hawkins said that the Foleo was his most important creation to date and that it would revolutionize the market. That sounds an awful lot like Steve Jobs' statement about the iPad: "This will be the important thing I have ever done", doesn't it?
And just like the Foleo, the iPad doesn't clearly fit into any category and does not seem to fill a clear purpose. The iPad is also missing many crucial features, while being overpriced, for it to be worthwhile to lug around (e.g. camera, voice capabilities, multitasking, etc...), which is another thing that the Foleo was very criticized for.
At the time people were very critical and skeptical about the Foleo, and rightfully so it soon turned out as it was canceled only a few months later before it ever saw the light of the day; I honestly don't see how the iPad will fare much better unless (or until) Apple adds many of those missing features that should have been included right from the start.
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