reduced convenience with no benefit.
Wat? I'll repeat it for you: It's the maximum size that's omniportable without a bag, so it's the best thing you always have on yourself.
For content creation, it will still do a decent job, if you plug in an external screen, a BT keyboard and go to town. Especially with pico-projectors, you can have a wicked compact mobile desktop replacement.
But, it's in no way worse than a smart phone, and better in many ways. So it wins there.
It wins in portability against laptops and bigger tablets, another win.
It's the perfect size for note taking - boom, look at those wins coming in.
Though frankly, without a stylus, it's less useful.
Small touchscreen phones on the other hand are for people with tiny little fingers who love to hold things right up to their eye (or love scrolling through paragraphs three words wide) while being unable to do anything with their device, because the screen is too bloody small to do more than type out an SMS. They're the ultimate status symbol, flashy utterly useless, and hugely expensive, while being worse in every metric than the usefully sized counterpart.