The media buzz that surrounded the launch of the device - branded the iPad - was certainly overstated. Apple essentially reintroduced the netbook, but infused it with the type of touch-screen technology that it's perfected with some of its other successes, including the iPhone. However, the company and its public relations prince, Chief Executive Officer Steve Jobs, have achieved near-cult-like status with the company's devout customer base. And Apple's string of hits continues to create new markets and to put money in investors' pockets - despite one of the worst economic backdrops in modern history.

While it's not quite as revolutionary as the iPhone, the iPad will continue this tradition by capitalizing on the fast-growing e-reader market that was forged by Amazon. At a time when newspapers across America were folding, Amazon's Kindle put print where people really wanted it - in their pockets. Slim, chic, and easy to read, the Kindle brought the print media into the 21 st Century. But its screen is small, it lacks color and its capabilities are limited.

The iPad - which has a larger, full-color touch screen - offers movies, games, Web browsing, and the ability to run Apple's vaunted applications.   Additionally, it comes at a price of just $10 more than the Kindle DX, which also has a 9.7-inch screen, but lacks color and versatility.

The iPad will start at $499 for a Wi-Fi-only device with 16 gigabytes (GB) of memory. The same device with built-in 3G hardware, connection available through AT&T Inc. (NYSE: T), will cost $529, with users having to buy a data plan that costs $15 to $30 per month. A 32GB model will cost $599. And $699 will buy a 64GB version for the non-3G models.

The Kindle starts at $259 for a version with a six-inch screen and full wireless connectivity included.

"Amazon has done a great job of pioneering this technology," Jobs, the Apple CEO, said, referring to the Kindle. "We're gonna stand on their shoulders and go farther."

“Going farther” will require Apple to reach out businesses, a strategy the company has too often neglected. Many IT managers, for instance have snubbed the iPhone because it lacks some capabilities that are standard on other smartphones or handheld computers, such as the ability to run multiple applications at once.

"Apple has been widely criticized for not paying enough attention to core business foundation needs in the areas of security, management, and telephony," Ken Dulaney, an analyst at Gartner Inc. (NYSE: IT), told BusinessWeek. "Apple has been unwilling to go the extra step that [Microsoft Corp. (Nasdaq: MSFT)] and [ Research In Motion Ltd. (Nasdaq: RIMM), maker of the BlackBerry] have gone to support the enterprise."

Indeed, while the Apple logo is the trendiest trademark in technology for the general public, most businesses prefer RIMM's Blackberry to the iPhone. But the Apple tablet has the power to change that.

In a survey of more than 500 software developers conducted by mobile app-making service Appcelerator, about 49% of respondents identified business as a category of application they would be interested in creating for the tablet. That was the most popular response, followed by productivity (47%), entertainment (44%), and social networking (42%).

"This is going to be huge for business," Bruce Francis, vice-president for corporate strategy at Salesforce.com Inc. (NYSE: CRM), which created an application that makes its software-based tools available on Apple's iPhone, told BusinessWeek. "Apple has blown through the barriers with the iPhone, and the same thing is going to happen with the tablet."

Apple will almost certainly offer a new version of its App Store and tools for creating apps sized to custom fit the tablet. Those applications could also be more expensive, and thus more profitable for Apple. The App Store has been called Apple's most important invention ever and was estimated to have brought in $1.4 billion in revenue last year.

The iPhone and the App Store scored big last year and provided a generous boost to Apple's bottom line. The company reported a 50% jump in first-quarter profit, which rose to $3.38 billion, or $3.67 a share, from $2.26 billion, or $2.50 a share, a year earlier. Revenue increased to $15.68 billion, from $11.88 billion.

Apple sold 8.7 million iPhones and 3.36 million Macs in the October-December period, and those products accounted for about 60% of the company's revenue. Portable devices accounted for 82% of Apple's first-quarter revenue.

The iPad could add a nice bit of synergy to these devices, allowing users to easily transport and share data, and forming a triumvirate of chic gadgets for early adopters.

Apple stock closed at a record high $215.04 on Jan. 14. However, the stock skidded $8.59, or 4.13%, yesterday (Thursday), and closed at $199.29.

News and Related Story Links:

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• BusinessWeek:
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• Money Morning:
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• Money Morning:
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• Appcelerator:
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