Apple did what they needed to do. They gave this form factor a reason to exist," said Mike Gartenberg, vice-president of strategy and analysis at research firm Interpret.
"They answered the question immediately 'Why do I want the iPad?' And they showed why. They are leveraging the entire Apple eco-system.
"Everything they have done up until now is in this device - the iPod, iTunes, multi-touch, the applications. And then they added new features like the iBook store and productivity," Mr Gartenberg told BBC News.
"I think this is going to be a very successful product for them and exceed expectations."
Blogger and Apple watcher MG Siegler of TechCrunch had a different take.
"Is it a must have? The quick and dirty answer is: for many people, right now, no.
"Unlike the iPhone, which filled an already well-established need, there is no existing need the iPad fills."
The tablet market has until now been regarded as a niche.
Endpoint Technologies noted that by the end of 2010 about four million tablets will have been sold - a 1% market share.
Gartner believes with Apple now entering the fray, that figure will rise to around nine million.
Stephen Fry: "It's really stunning indeed, the display is incredible"
Piper Jaffray agreed and doubled earlier predictions for Apple iPad sales to between three and four million.
Mr Gartenberg said that he believes Apple may kick start the market, allowing other manufacturers to follow.
"Small niche markets grow into big important ones like the iPod. Here Apple created a category, they didn't invent the category but they redefined it and made it useful as they did with MP3 players and smartphones."
During the iPad launch, Apple said that it had recently sold its 250 millionth iPod.
One analyst predicted future sales of the iPod will be cannibalised by those of the iPad.
"The gadget is a premium mobile device, not a computer; as such we see some iPod Touch buyers stepping up to the iPad, but consumers looking for an affordable portable computer will likely stick with the MacBook line up," said Gene Munster of Piper Jaffray.
Analysts also believe the gadget could cannibalise the e-reader market, currently dominated by Amazon's Kindle and Sony's Reader.
Deloitte has said that it believes that for every "million net tablets sold there will be a corresponding impact on e-readers".
Although the device has received rave reviews form some quarters, others have pointed out some of its failings.
For example, it does not support multi-tasking, the ability to have more than one application open at any one time.
Also absent is a camera and Flash, the ubiquitous software that handles video and animation on the web.
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