They haven't included Flash support, right? So until every site starts having an iPad-friendly HTML5 version, browsing won't be the same (the NY Times already does, but that's not the norm and it's therefor a pretty skewed site to show off on).
As someone pointed out, for college you often have to install specific software, so the iPad won't work there.
The video support is also pretty limited I'd guess (aside from me watching a lot of anime fansubs, for which the iPad probably won't have the codec), I find it pretty disturbing that I have to pay for The Colbert's Reports on the apple store but it's free to watch on the official colbertnation website.
Apple are really good at making streamlined and intuitive products, but when it comes to your usage options, you have to want to do exactly what they offer you.
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