But good technology is only part of the battle. Michael Gartenberg, an analyst at Gartner, noted that HP is taking on a lot for a company that is relatively new to the consumer electronics business. The company is assuming control for the whole platform -- software, hardware and applications.

"This is an entirely new business," he said. "There are a lot of challenges."

What's more, he said, the version of webOS shown Wednesday is basically a new operating system, and HP will have to convince users to take a chance with a new platform instead of sticking with Apple's established iOS.

"The hardware looks nice," said Roger Kay, industry analyst with EndPoint Technologies. But HP has yet to reveal any prices, he noted, and by the time the TouchPad appears, there will be even more tablets on sale based on Google's Android software, plus the PlayBook from Research in Motion -- not to mention an expected "version two" of the iPad.

Kay also noted that users will need both a TouchPad and a webOS phone to get the full experience. "If your contacts aren't in a webOS environment ... you have to start from the beginning," he said.