Yeah, that is the thing - the Kindle uses e-ink...which is great on the eyes (and battery). The iPad is still a bright ass high contrast screen that will cause eye strain, especially from excessive reading.
I can see uses for it, but still think it is a pretty big waste of money. Browsing would be good if you are sitting around on the couch or whatever (you know...no need to rest your laptop or netbook on your legs), but I fucking hate touch typing, so that would probably kill it. I also hate orientation flipping when unnecessary....really pisses me off on my phone, this would probably be the same.
As for multi-tasking, yeah - it is basically a suspend tasking system. On Apple products it is full suspension so they (maybe just some) remain open, but are cut off from using ANY resources. On Windows 7 (as far as we know) it seems to be a hybrid where some apps will be closed all the way on exit, some suspended and cut off completely, and some are still allowed access to resources for things like database access (how they are cutting out copy and paste) and possibly stuff like Pandora music streaming while you are browsing the internet.
I still think it is bullshit....just develop a good task manager. If third parties can do it and sell them for a dollar (or give them away) on Winmo 6.X and Android, I dont see why Apple or MS can not pull it off.