Somewhere in America, someone probably had the thought, “Gee, that iPhone is mighty nice, but it would be really great if it was eight times bigger, did the same things my phone is capable of doing without the whole making phone calls thing and could set me back at least another $500.”

That same person probably fell out of his chair when Apple announced the release of the iPad Jan. 27. The iPad is the company’s newest gadget that took every bit of that fleeting thought bubble to heart.

Touted as Apple’s answer to both the netbook and Amazon’s Kindle, the awkwardly named iPad features a 9.7-inch touch screen, and like almost all Apple products, it is an aesthetic wonder. Then again, if you have seen an iPhone, you can basically imagine what the iPad looks like.

In terms of software, the iPad runs the same operating system as the iPhone. It supports almost every single application that can be found on the phone, and many have been tweaked to take advantage of the iPad’s bigger display.

One of these applications is iBooks. As with the Kindle, you can download the e-books online from Apple’s bookstore and read them directly on the device, which organizes your books on a nice digital bookshelf. Of course, this will never replace the tactile feel of a real book, and your chances of getting eye strain from reading James Joyce are a lot higher from a backlit screen than they are on a slightly yellowed piece of paper. You also never have to charge a book.

The iPad can also run iWork. This means you can write entire essays on the touch keyboard if your fingers and patience are up to the task, making the iPad somewhat practical. But without the benefits of Mac OS—and a hard drive that maxes out at 64GB—the iPad is no replacement for a laptop.

One of the biggest selling points is that the iPad will have both Wi-Fi and 3G capabilities. Of course, for 3G you have to shell out an extra $130 compared to the Wi-Fi only model and pay $30 per month for an unlimited data plan. Since many of the iPad adopters will also own an iPhone, this is AT&T’s dream come true.

The most basic model starts at $500, with a 64GB, 3G enabled model topping out at $829. For that price, you would be better off paying the extra $170 for a MacBook. It does everything the iPad does, but with the added benefit of actually being a computer.

Undoubtedly, iPads will sell like hotcakes. But with limited functionality and a lack of features that differentiate the iPad from the iPhone or a laptop, you would do better to save your [email protected]