Well, I am responding to this from my Asus Netbook so that probably answers your question! That being said, there are negatives, here are pros and cons:
Pros:
small size and weight. Mine weighs less than 3lbs and has a clam shell design so I don't have to worry about the screen.
Full keyboard
nice big hard drive for storage
card reader so I can upload pics easily
plenty of processor speed to run apps. I have Kindle for PC, Open Office, Picasa and Firefox all loaded and they run fine.
Cons:
the newer ones come with Windows 7 starter which does not have the files needed to run dvd from the external drive. I went back to the store and they were able to find and load the program I needed so DD can watch dvds.
The 1gb memory (on my machine) was not adequate so I upgraded to 2gb, nice but an added cost
Watching videos and playing Farmville can be choppy. We have watched iTunes movies on an airplane and it was fine tho a but jumpy in spots.
I have not used the iPad but for the cost, my opinion is the net book is the way to go. Once DH saw mine, he HAD to have one!

He loves his as much as I love mine. Takes it on the train to read. If he wanted, we could get a card and he could use the internet too.
HTH!