The Intel version has a great novelty to it. I can see it becoming an executive fashion accessory for a while. People that really need mobile computing will stay away. It looks great sitting on a desk, but imagine how it would work on your lap. You would need to put a briefcase or a board on your lap to provide a stable surface. And, since they said nothing about battery life and there is no battery door, you can count on it running for an hour or two of serious work. So the two unique features (integrated keyboard and kickstand) are of no use unless it is sitting on a table. However, sitting on an executive's desk it screams "I'm too important to have a computer that does real work". They will sell a few.
As for the ARM version, they need to get developers onboard. No tablet developer will abandon the iPad or Android based on Microsoft's promise to execute better this time than they did with Zune and Xbox. Developers won't pick it up until Microsoft has sold a lot of them, and people won't buy a lot of them until there are a lot of apps.
The rushed, shoddy presentation of a future product proves they still haven't figured out what makes Apple successful. It is not surprise announcements, casual clothes, or trendy staging. It is highly usable devices that ship today. When Microsoft gets that their deep pockets may make them a competitor. Not today!