[jonnathanson]

I think that depends on how we define "capability," and for which segment of hypothetical users. Over the long run, I could just as easily see cannibalization's moving in the opposite direction.

To wit: there's probably at least one big segment of the population that just doesn't seem to need laptops all that often, if at all. Even ultralight ones. Give them an iPad, and they can do their web surfing, media consuming, emailing, Facebooking, and fowl-slinging all day long. My girlfriend and my parents fall into this category, for instance; they own MBAs and iPads, and the former are usually collecting dust -- perhaps occasionally used for word processing only.