Where to begin?
Most of these features have been available in earlier tablets for years. What makes them so special now that Apple offers them? With that said...
E-mail / Exchange connectivity, Internet, e-books, calendars, contacts - already exist in other devices and form factors.
Ease of use - there's a winning point, but is it worth all the missing features?
Integrated keyboard - this is a toss-up. One person's 'clumsy mechanical' keyboard is another person's tactile feedback. If I can't feel physical keys, how can I tell where my fingers are without watching them?
"...installing the functionality of an iPhone on steroids,"
I'd avoid all comparisons to the functionality of an iPhone. The inability to make phone calls is the most obvious failing of this system, especially when most models offer 3G connectivity.
Applications - just as long as you only run one at once, and aren't interested in anything NOT offered by Apple. There are more apps in the world NOT written for the iPhone / iPad than are written for it.
