No GPS is a dealbreaker for me. The way I would want to use this, as a "take anywhere" device, just doesn't work without GPS.
Other surprising disappointments on the released version were...
A) 64 gb max...are you kidding me?
not OSX/intel, so I can't really run anything I'd want to on it
C) no camera at all, and i thought it would have two--one for video conferencing, another for taking pictures
D) too thick, but I knew the OLED screens aren't ready...an OLED iPad will be wafer thin and a most happy device!
E) no SD slot...see A)
F) only 1024x768 resolution, and only 720p output (which it can't play native since the screen isn't 1280)
G) huge bezel real estate. Either increase the screen or decrease the bezel, but lordy what a TON of wasted screen real estate!
I love my iPod Touch (the perfect car media player) but this is missing the key things I would need to replace my laptop with it...something I would have bet real money on yesterday that I would do with the iPad. But, notsomuch today. 8P