Umm...yeah, pretty much. This is a good option for those that wants something light (3 pounds), can be carried in a backpack (3/4" thick), and has a really good battery life (5 hours runtime for a full-size laptop is pretty damn good). Looking at the specifications, it's obvious this isn't for the power users, but more of an average Joe.
I will have to applaud Apple for release something as interesting as this, but certain aspect such as hard drive limitation (Slow, low capacity 80GB drive or the very, very expensive solid-state drive), lack of expandability (RAM is integrated into the system, battery is not replaceable, no ethernet port/optical drive) and fairly high price makes you wonder if this product would be more feasible for the mass consumers 2-3 years from now. For ultra portability, I don't think you can beat ASUS's EEE PC right now.