No, no, NO! You have it ALL wrong!!!
In your effort to write off the Nexus 7 as an expensive toy, you completely miss the key aspect that makes it so extremely useful (to me, anyway): Offline content.
OK, so my frame of reference is very deeply rooted in a PDA past without 24x7 connectivity: I used PalmOS devices since the week they were first released, and when Palm dropped the ball in the PDA market, I moved to an iPod Touch. Hell, I didn't get a smartphone with a data plan until last year. Everything needed to be strategised to maximize access to offline content.
So now, enter the Nexus 7. If you try to use the Nexus 7 as a 24x7 always-connected device, you will be SORELY disappointed. In this case, you are really better off buying a 3G iPad or learn how to tether your Nexus 7. But if you view the Nexus 7 as a portable content device with occasional 'net connectivity, you will see it in a whole new light.
Come on folks, My Nexus 7 has 16GB (OK, 13GB after the OS) of storage. How much do I really need? I downloaded some music to it, saved some PDFs, saved several ebooks and magazines, and I have a small collection of games that I like. I now have a nice entertainment platform useful wherever I am regardless of available connectivity. Sure, you could call such use a toy, but then I leverage apps like Pocket, and I will have useful current content to read whenever I want. And if I want to or need to be productive, I can use any surprisingly robust apps like any of the decent Office suites (KingSoft, Docs to Go, QuickOffice, etc.) to view, edit, and create documents for personal and work use. Sure, typing isn't as easy as a "real" keyboard, but that's not why I have my Nexus 7. If I'm going to bang out lots of content, i'll be at a desktop or use a laptop with a real keyboard. My Nexus 7 is more for consumption than creation. So does that make it a toy?
And what makes it even better is that when you DO have 'net connectivity, you can update apps, calendars, newsfeeds, download more content, send and receive email, etc. Again, do you really NEED 24x7 connectivity with this kind of device? And if you do, there are solutions.
To me, it's a tool, not a toy. A pricey and possibly unnecessary tool? Possibly, but I certainly don't see it as a toy.