Well, judging from the presentation, you can browse the internet, flip through internet pages, click links to internet webpages on the internet and I dare even dream that you can internet the internet's internet. ...plus some other stuff.
Yes it's sleek but seems very lacking in function. I was expecting more. I like Apple products when they're not just riding on hype and (frankly, hyped) reputation. The Courier booklet had a more appealing list of features in September last year.
Well, I think it's an interesting product, not particularly 'awesome' but something that might develop into something better, so yeah, I would wait 2 years before going for it to see if they add any interesting upgrades as times passes by.