Some multimedia capabilities and hardware features could also drive buying decisions, Gottheil said. Each device offers its own multimedia advantages -- the iPad supports 720p high-definition video, but smartbooks support Flash content, which the iPad does not.

"We don't know how much that will handicap the iPad in the market," Gottheil said.

The lack of a keyboard could affect purchasing decisions for the iPad, but it may be an advantage if the device is used as a multimedia device, for example as a video device on airplanes, Gottheil said.

Price is also a determining factor. The iPad starts at US$499. It can be bought as a standalone product, though users are likely to want a data plan as well. HP did not provide pricing information for the AirLife, which is tied to mobile contracts that will also add to the purchase price.