The Mac Pad has some possibility to be real simply because you would have to be blind to not see that the end of the Macintosh as a basic consumer device is coming. Anyone that went to WWDC can tell you the focus was entirely on iPhone OS.
The Macintosh will still be around as high end media creation devices and servers. Think of iPhone, Touch and potential MacPad or new consumer devices as media consumption devices. They will have basic editing ability (see iLife and iWork) but that's it. Who really needs a quad quad xenon to play MP3s and watch videos. Also look at the game market on iPhone OS. That's where the money is and that's where Apple is going.
What's so bad about this. I thought "they" require a biology degree to mow someone's lawn. So what's the diff?
Everything that can be invented has been invented. -- Charles Duell, Director of U.S. Patent Office, 1899