I have one, and love it, but it is NOT a "replacement" for a PC. For one thing, there is no hard drive storage. The only programs you load are Apple "aps" - nothing dynamic like Word or Excel. If there is a "favorites" for web browsing, I've not found it except ... when you pull up Safari you have the option of keeping your last site or deleting it (you can have several sites 'saved' and choose them just by opening that particular window).
Mine is more for convenience. I have a desktop in the office but wanted a laptop for when I am not in the office. After checking out the laptops I discovered that the Ipad has a much longer battery life than most of the laptops. It's also more convenient to travel with.