"That's what the iPad does -- a portable media consumption device not a personal computer"
It really depends upon what sorts of creation you do, and what sorts of apps, including web apps, are necessary to support it. Besides the iWork apps, which are available for iPad, there are a slew of note taking/text creation apps (Simplenote being my favorite), as well as apps for sketching (Adobe Ideas, Brushes), music creation (SoundGrid, and Everyday Looper, ThumbJam), and project/task management (OmniFocus, Things), just to name a few. Plus, you can do Remote Desktop with it.
Is it limited compared to a MacBook Pro or MacBook Air? Of course it is. Does that mean it's just a really sleek and portable television? Not at all.