Well, it depends what its capable of in the end, but the answer for me if possibly yes !. Just imagine the following scenario, all involving technology that is currently available or could be created with a minimum of effort.
You wake up in the morning and during breakfast you look through todays news via an RSS reader installed on your Origami device, you mark all the items you have read and that information is updated in the Live service that keeps all your RSS feed synchronised. You drive to the train station, jump on the train, find yourself a seat and get out your Origami device. On the train you use the Origami to read/delete/send your email via Outlook and maybe even synchronise it using the data connection on your phone. Once your done with work you load up your music or even better watch that episode of 'Lost' that you recorded on the Windows Media Center last night. Eventually you arrive at your destination and sit down at your desk. Now, as long as we have some form of docking station for the Origami, I can now dock my Origami device with my mouse, keyboard, monitor and power at my desk and continue to use it as I would a normal PC. If you go off to a meeting you take the Origami device with you as you would a Tablet PC and take notes and again dock it when you get back to your desk. Finally, at the end of the day you go home on the train, maybe watch the second episode of 'Lost' you recorded and a while later you arrive at your home. At home you the proceed to use your Origami device as a remote control for your Windows Media Center, similar to how a Sonos device works. Last thing before you go to bed, you dock the Origami with your Windows Media Center to let it charge and the cycle begins again the next day.
Currently, I do exactly the same as above but I use a Creative Zen Vision for the TV and music, a Windows Mobile 5 phone for the email on the train and a Tablet PC for the computing in the office. I would love to have one device to do all this for me ! ...... now where is my cheque book?
Take a look at this video, http://www.youtube.com/watch?v=JqVszfrB_VI&search=microsoft, this is a prime example of where I see this being used :-)
Now, where can I buy one? ;-)