I think tablets are getting close to possibly replacing notebooks for most tasks. However, with that being said, I think the processing power and utilizing design software still is performed best on a MacBook or similar.
Developing code and new product designs, I sit behind four 24inch screens. I would say most creative folks need more screen space than a tablet provides, so although a tablet is cute for consuming a news feed, it is utterly useless in solving a complex computer science problem.
We no longer use notebooks or laptops... and we only use a tablet when demonstrating our product... We have designed our products to be mobile-first so that they can be used on a mobile phone (smart phone). Our CRM and other products really can be used just as easily on a mobile as on a desktop.
In the past we found the notebooks somewhat limiting anyway because of speed (possibly a lack of processing power...) and the size of the screen when accessing a full size website. This lead us to trend towards the mobile platform. (It also required a completed re-write of our software to optimize the mobile browsing experience).
If purpose is more of being accesible via mail, skype and some document editing, then I think tablets score higher. For everything else, notebooks are still hard to replace I think
Most people have given pro's and con's for each, but have you considered having both, or a hybrid. If you have a lot of typing to carry out, have huge files or need to truly multi-task, nothing can beat a notebook/laptop. When it comes to checking email on the train or giving a presentation to a customer, a tablet wins hands down. I often create presentations on a notebook, but present them to a client on a tablet. Do that removes a barrier (often just the keyboard) between you and the client and you aren't peering over their shoulder, but sitting next to them. It's more intuitive for them to 'swipe back' if they've missed a page - but everyday work on a tablet? Don't think we are there just yet.
Notebooks are more powerful and have larger screens right now. Tablets are way easier to travel with and are becoming more popular. I use both, but the notebook is my main engine for work and the tablet for on the go. There is another item which performs as good as the tablet, the iPhone, but the screen is even smaller, but portability is pocket size. I use all 3 and each has its advantages. The desktop is definitely on its way out.
Since tablets have touchscreens and longer battery life than laptops, as well as wi-fi and 3G capability so they can be used as phones, hands down, the tablet would be the best choice. With Windows 8 and the new tablets that run full blown Windows 8 Pro, there's no reason not to upgrade and use the lower priced tablets.
If you do business think about the productivity that can performance. which product can do the more work in less time. capacity and speed
Assuming connectivity, currently it comes down to power vs convenience. In environments where mobility is a key consideration, even in the office say inputting into an EHR, you can’t beat a tablet. For now, once you get into memory laden projects you’re better off with a notebook. This will change as technology migrates more and more to the web.
The answer depends upon your business. As an IT Service firm, my business depends upon being adaptable to each client's environment to service network issues, system configuration issues and specialized programs. IF the chosen tablet can actively network to the client's systems effectively, then yes, this tablet would be a viable notebook replacement.