Coming from Android, I like the basic setup of webOS a lot - the excellent multitasking, the card system, the ability to enter dev mode with no hackery required - but find it lacks Android's granular configurability. For instance, there's no way to change the default browser; and apps offer only minimal configuration options. In retrospect I really wish it had been Google rather than HP that purchased Palm. A combination of the best UI elements of webOS and Android would seriously rock.
As for the actual gadget in my hands, I have to say I'm a little disappointed. Given what I paid for the thing I can't get too upset, but given its original price point I really expected it to be better than it is. I knew going in that the app selection would be thin, but I was ok with that, figuring what I was buying was an entirely solid web browsing device and Kindle substitute. Unfortunately, the font rendering is so bad as to make it useless for long form reading. The blurry, poorly rendered browser text gets hard on the eyes very quickly. My Android phone, despite having only a 4.3" screen, is actually a far better reading device than the Touchpad! The generally awful webOS browser just adds insult to injury.
On the positive side, the speakers are freaking awesome, better than the ones on my $1000+ laptop. The hand feel of the thing is very nice, and the screen is entirely serviceable for watching short videos - I'm getting a lot of use out of the TED app.
Longer term, I have high hopes for a successful Android port. Honeycomb would be great, but I'll be happy with even a stable Gingerbread build. Figure it'll be twice as good as a hacked Nook Color for half the price!
EDIT: After a few changes of mind, Touchpad SOLD on eBay for just over 2.5 times what I paid for it. Will now apply proceeds toward a real Android tablet instead of waiting on a probably buggy port for this one.