Nah, I think it has some uses. There are a lot of things that a netbook simply won't do. One thing is to run HD video. I can see this device working in a charging dock as a giant remote and video player. I'm sure the folks at www.savantav.com are going apeshit over this.
I can easily see reading periodicals and books here.
I can also see it used as a vehicle monitoring display (gauges and whatnot).
A wired remote? Sounds awesome!
Periodicals and books, hopefully not for research? If it's got no multitasking then switching to a document would be hard, so you have to assume the ebook program will have a note making capacity, and a very robust copy and paste so you can actually use the periodical content in whatever report you might be hoping to write.
Vehicle monitoring display is a very niche market, but it would be pretty suitable for that, I will admit.