Not really, it can't do everything that a netbook could do, as a netbook could do everything aside from playing 3d games.
After all windows is not locked the same way the ipad/iphone is.
When the Iphones came out, i wanted to get one but then i was looking at a Samsung omnia (windows mobile) and i noticed it supported divx and mp3, everything that windows supports. So that's why i ended up getting a Win Mobile 6.1 device, and i personally have not had any problems with it, i upgraded its SD chip to 16gb and well the best thing about a Omnia is you are NOT limited to how you wish to use it, Mass storage anyone? Can't do that with an Iphone/Ipad/Ipod Touch, those are under the iron grip of apple, they don't want you doing whatever you want on their devices.
To top it off i get to use Opera mobile browser 10, neener neener. Not safari, /vomit.