Scott, I agree with you 100%. If you haven't already, take a look at my recent tablet Vs netbook post.
I used a 10" netbook (MSI U100) for about 6 months and while I think it's a really cool device, I just find it too much of a compromise (performance, screen real estate, and keyboard size). 95% of my travel is business and I can't see myself travelling with ONLY the netbook instead of my T61p, which means if I want to travel with the netbook I'm actually carrying 2 machines. I have no reason to bring the netbook to work as a second (or primary) machine, if I'm sitting on the couch watching TV I have no compelling reason to use the netbook instead of my Lenovo, and if I'm bringing a laptop to lunch with me to work at a restauraunt for a few hours (which I often do), again I have no compelling reason to bring the netbook instead of the Lenovo. So what scenarios are left? That's the problem: for me anyway, the netbook is a solution looking for a problem. And for me it's a problem that doesn't exist.
But I did recently buy a tablet PC, a 12" HP TouchSmart TX2 which I installed Windows 7 on, and I'm finding it to be the perfect balance of size / performance / weight. It's only marginally larger than my netbook but it opens up a whole new set of work scenarios. I was on vacation with the family this week and brought the tablet; in the grand scheme of how much we packed, the size difference between the netbook and tablet was insignificant but I had a MUCH better experience with the tablet than I would have with the netbook. Not only do I feel like I could actually go on a business trip with only the tablet instead of my Lenovo, but it's actually got me thinking about turning my Lenovo into a portable virtual server host and using the tablet as my primary workstation. That's something I never would have considered with my netbook.