iPad release

The company says demand has outstripped supply in the U.S., so it's putting off the iPad's global launch by a month.

Total book sales were down in 2009, confirming the grim outlook for producers and sellers of the printed word. But the publishing industry does have one reason to be hopeful: the rapidly growing e-book.

Apple announced that it sold approximately 300,000 iPads and that newly-minted iPad owners downloaded one million apps from its App Store and 250,000 e-books from its iBookstore on opening day. While these numbers sound suitably impressive, a closer look at the figures raises more questions than answers.

What's getting lost in most of the media hype around the iPad is any sense of reality. For the vast majority of Americans, the new tablet isn't likely to be an essential purchase during these times of economic worry.

Apple (AAPL) shares made a quick u-turn Monday, as investors digested the company's first-day sales report on its highly touted iPad.

According to Gene Munster, a well-known consumer electronics and PC analyst at Piper Jaffray, Apple sold as many as 700,00 iPads on Saturday. His basis for that estimate: He saw that "lines appeared to be longer than for previous product launches at the 5th Avenue store in New York."

Apple's "i" dynasty has lasted nearly 10 years so far, and some analysts predict the iPad tablet may soon dethrone the reigning iPhone, which in turn unseated the iPod. But even if the newly released iPad takes the top spot in Apple's lineup, it will soon face stiff rivalry in the marketplace.

New York sales look brisk, and pre-order units are all sold out. Can Jobs & Co. sustain the momentum?

Apple's new iPad got a warm reception in San Francisco, the company's home turf, as buyers clamored to be among the first to own the new tablet. The crowd included Wozniak, Apple's co-founder.

After months of buildup, the iPad has hit store shelves. Advance reviews have been quite positive so far. Will the iPad prove to be Steve Jobs's next magic trick?