I don't know how anyone could have expected the iPad to live up the hype it generated. Personally, I'm of the view that no matter what they released today – even if it had a camera and every other gadget known to man – it would have disappointed. There was just too much pent up expectation. Its like going to a theme park, having waited for days, and finding the biggest rides aren't running.
But the thing is, they've done a competent job on the engineering. Had there been no hype in advance, everyone would now be going "wow, what a great product". And the fact is, once all the furor dies down, and people get to the buying decision, they'll take an iPad. Even if only because it looks fantastic.