The initial estimates for iPad day one sales were somewhere around 700,000. I was hugely impressed by the number, especially in the context of iPhone day one sales and the Kindle installed base. As it turns out, the official sales figures are “over 300,000,” a far cry from that whopping estimate. While 300K is good it’s hard not to feel a little underwhelmed.

Technically the iPad is a new frontier. There hasn’t been a tablet device like it, and it’s certainly the sleekest of the slew of tablets that have released of late. But the iPhone OS and the App Store that make up the iPad are old hat. Millions and millions of people know and love the system, so why such middling sales?

Part of it could be that this is the first of two iPad launch days. A lot of people probably want the assurance of a 3G connection, especially since it doesn’t require a contract. The more likely reason is that no one knows just how good the iPad can be. The device has a ton of potential for media consumption but the content providers need to be on board. iPad versions of newspapers and other media are ridiculously expensive, especially considering that news and other media are freely accessible by other means. As great as browsing on the iPad must be, browsing on my laptop doesn’t cost anything, doesn’t require any app other than my browser, and is only marginally less convenient than toting around an iPad.

It seems the world is convinced that the iPad justifies the existence of expensive, tailored content when in reality it’s the reverse. The content needs to justify the existence of the iPad. If I can stream video, read books, read my news sources, browse the web and listen to music for reasonable rates then of course I want a comfortable, portable device for doing it. If that device is going to send the price of all those content streams through the roof then screw it, I’m fine with regular TV, books, DVDs that I can rip to digital formats for free, and relatively cheap music downloads on a conventional device.