A few of the key specs are 1.3 pounds, .34 inches thick and 10 hour battery life. The iPad absolutely clobbers the competition in those specs. Not to mention the polished operating system and ecosystem. And putting an 8 megapixel camera on a tablet is just dumb. The main things the camera will be used for is video calling and taking an occasional picture to text or email. Sending a 5 Meg file in a text is just lame. A low-res camera sometimes has it's place and on the back of a tablet is one of those places.
If you love the specs on the Xoom then by all means run out and buy one. But don't be surprised if when earning season comes out Apple announces they have sold millions of iPads while Motoola announces only a few thousand Xooms sold. Most sane people will prefer the specs on the iPad by a huge margin.