My netbook has pretty much eliminated my need for a laptop. No, I can't run my tf2 or my ps2 emulators, but those would require battery guzzling overweight laptops for playable speeds anyways. There's something to be said for a laptop that only weighs 2 1/2 lbs. making it obscenely easy to carry in one hand and virtually unnoticeable in a backpack

Let me know when a smartphone can
Output to VGA (presentations / streaming netflix)
Provide me with a touch-typeable keyboard (I can type at around 80% of my normal typing speed on my 900HA) for typing up essays
Easily handle 10+ tabs in a full internet browser - normal usage for me
Crack WEP passwords (yes, I occasionally leech off of others' connections, no, not usually more than 5MB for looking something up - sue me)
Give me 160GB of storage
Do moderately advanced image and video editing (by no means adequate for a professional of that field, but definitely enough for, say, a video for a school project, or some quick work in photoshop / GIMP
Sync my MP3 players
Emulate N64 / PSX / (most) MAME - load up my old copy of OOT or play a rousing game of Marvel VS Capcom with a friend
Create a usb boot disk to recover your desktop
Print

A netbook is what a laptop should be - portable