Tthe online discount site said that 35 percent blamed the fact the device does not have a physical keyboard while half said the lack of Flash support is a turn-off.
MyVoucherCodes also said that four in five thought the device was simply a 'scaled-up iPod Touch'.
Further more 59 percent said netbooks offered better value, despite no UK pricing being released yet.
The iPad will be priced from $499 (£310) in the US.
Mark Pearson, Managing Director of MyVoucherCodes, said: "Despite the media furore surrounding the iPad before it launched, and before the name was even finalised, it appears that Apple's latest gadget has been poorly received in premise".
"There was too much hype, and the expectation was too high for the iPad to live up to, in my opinion."
Pearson added that he expected the iPad to surprise gadget fans, much like the iPhone has, "but there's no doubt its been given the thumbs down by our customers so far".