...except the iPad doesn't have a real keyboard,
Neither do netbooks.
Small, but decidely real on some. The more common "chiclets" are still better than on-screen by a mile.
has crap multimedia format support
It supports high def, unlike netbooks generally.
For a narrow set of Apple-blessed codecs. And it's still resolution-limited to 1024x768, unlike some netbooks (most are still 1024x600, but some do native 720p) and a lot of netbooks will handle 720p just fine (except with flash) if you use the right software. And yeah, having to use multiple media players (VLC for MP4, something windows-native either MPC or WMP for WMV/VC1 is kinda a pain, but at least you have a choice of media players.)
and a crap web browser with no plugin or extension support.
Flash runs like shit on netbooks.
SD flash video runs fine on most netbooks. HD, notsomuch. Many flash games run fine. A few lag badly.
"This isn't brain surgery; it's just television." - David Letterman