I think that's a double edged sword. It's similar in that it's touch screen, runs apps, and has a similar interface. However, that should not downplay it's usefulness, improved battery life, increased viewing/interfacing area.
The landscape area allows it to do MUCH more than a touch/iPhone. Because of it's size, it has more practical uses than the touch does. however, there is still a place for the touch/iPhone as they're ultra portable (belt/pocket/purse) while the iPad is less so.
For example, I had a remote desktop app on my iphone, it drove me insane, the screen was just to small. Add to that my battery life was atrocious. Now I'll have a much easier time.
So is it a super sized touch... sure. Its a super sized, ipod touch that's faster, has better battery life, it's prime usefulness however, isnt in it's ability to store and play music; but in it's huge viewing/interfacing area.