I don't think I expected a "Jesus pad". However, for over a year now, they strategically leaked just enough information to allow public speculation to rise. Perhaps, to your point, to unfair levels.
However, in the end, speculation or not, there are two tools that it attempts to combine into one but it does neither well.
Jobs made fun of netbooks in his announcement but due to the inability to multi-task, it won't seriously replace a netbook. It also lacks certain apps that restrict it as a netbook replacement right now, but as you say, they could come later.
It does iphone apps well, perhaps even better if bling counts, but it can't replace an iphone either because it's not a phone. Also, the iphone was a revolution because it put useful apps in your pocket, not a laptop case.
For it to be more than an inconveniently sized iPad, they have to readdress the first point. That's it's gimped as a portable computing tool.
You are correct that it could "grow" to be revolutionary and that it was definately overhyped (some fault of that is thiers) but with a company with the resources that Apple has behind it, I'd personally argue that it should have been much more.
