Browser engine lock-in - no Firefox+uBlock Origin = me no buy. And yes, there is Orion, which can run uBlock, but it and Safari have horrible UI/UX.
It was mentioned, as almost a side comment somewhere, that the M chip is in there for multitasking and higher end image/video editing for "Pros". I could certainly use the M4 in an iPad Pro for iPadOS 26 and it's multitasking. I run into occasional slowness when multitasking on my M2 iPad Air.
Why an iPad? Android tablets have been... not great for a long time. The pencil is very handy, and the ecosystem has the best apps. Also, I know a few rather handy tricks Safari can do, such as exporting entire webpages as PDF after a full-screen screenshot, that are very useful to my workflow.
2. I already own multiple general purpose computers. They're not as convenient as an iPad. My ridiculously powerful PC or even my decent laptop doesn't allow the same workflow. However, that's not an intentional software limitation, it's a consequence of their form factor, so I can't hold Microsoft to blame. On the other hand,Apple could easily make an iPad equivalent to a MacBook by getting out of the way.
3. The inability/difficulty of side-loading apps, the restriction to a locked down store. Refusing to make an interface that would allow for laptop-equivalent usage with an external/Bluetooth m+k. You can use an external monitor, but a 13" screen should already be perfectly good if window management and M+K usage wasn't subpar. Macs and iPads have near identical chips (the differences between an M chip for either are minor), and just being able to run MacOs apps on device would be very handy. Apple has allowed for developer opt-out emulation of iOS and iPadOS apps on Mac for a while now, why not the other way around?
If not obvious from the fact that I'm commenting on HN, I would gain utility from terminal access, the ability to compile and run apps on device, a better filesystem etc. Apple doesn't allow x86 emulators, nor can I just install Proton or Wine. If I can't side-load on a whim, it's not a general purpose computer. I can't use a browser that isn't just reskinned Safari, which rules out a great deal of obvious utility. There are a whole host of possible classes of apps, such as a torrent manager, which are allowed on other platforms but not on iPadOS. It's bullshit.
My pc and laptop simply aren't as convenient for the things I need an iPad for, and they can't be. On the other hand, my iPad could easily do many things I rely on a PC for, if Apple would get out of the way. iPadOS 26 is a step in the right direction, but there's dozens left to go.
All I can say is: stay tuned.
1. If you don't know what to do with it, why did you buy it?
2. If you wanted a general purpose computer, why did you buy an iPad?
3. Which iPadOS limitations are particularly painful for you?