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It's still a big iPhone, but it has many other qualities (media, external display for a MacBook, gaming) that still makes it worthwhile. It's a good device for non-technical people that just want something stable and fun to use. It doesn't need to replace anything. Also, I love the guy's family name is Cuda.
What most people have not yet understood: This announcement is the definitive start of the end of Apple desktop computers as we know and love them today. Putting a new processor in a tablet first is a very clear message and signal. As always, only Apple itself can say how much time we have to say goodbye to desktop computers. We may know more in a few years' time.
They've been using silicone in iPads for years now, way before they used them in their desktops. They just never called them M chips. Putting the M4 in an iPad means nothing more than it was just the first device they launched this year so it got the newest chip.
Most definitely not, the ipad is no where near a desktop computer in terms of capability and apple does not intend to improve it to that level. I have a mac and an ipad, the ipad OS is deliberately crippled by Apple. Doing basic tasks like file handling is much harder and it definitely did not need to be. They want to sell ipads alongside macs.