There are lots of things a PC can do that a tablet can't. Whether this matters depends on what you plan to use it for.
I use an Asus Slider (which is like the original TF only the keyboard is permanently docked; their specs are identical) as a netbook replacement. For what I do, this serves me just fine.
I'm a writer, so writing is most of what I do. Polaris Office, which the TF and the Slider come with, is actually a pretty good program. Advanced formatting may be problematic but I don't require that. The Slider also has a full USB port that you can hook a mouse into for more precise editing.
Overall, I am really happy I went this route. Small, light, with a touchscreen has been my requirement since it was barely even possible (mostly due to the fact that I have an RSI and need to keep my bag light - touch is also easier on me than a mouse). My last netbook was a Fujitsu P1610 I got in 2007, which I loved and used for over 4 years. But the power cord plug finally broke, and by that point the battery was going bad and it was so underpowered that it wasn't worth fixing.
The reason I hung on to it so long is because the prices for high-function netbooks like that never went down.
If you want a netbook that will do convertible mode and touch in a small form factor, you're still looking at over $1,000, which is hardly any better than what I paid in 2007.
But a tablet will do that, plus instant-on and better battery life, for less than half the price.
There are compromises though. Tablets are still limited, and I wouldn't recommend it as a primary device (but then I wouldn't recommend any kind of netbook as a primary device either).
First of all, setting it up to do what you want it to do takes a lot longer than it does on a PC. You have to find the RIGHT apps, and that can be time consuming.
Second, some apps don't have all the functionality that their PC counterparts do. For example, if I want to create a new folder in Google Docs, I can't do that in the Google Docs app - I have to go to Google Docs in my browser and do it that way.
Some websites don't work well on a tablet. For example, a forum I like to visit. The reply box is very janky when accessing it from the browser on my tablet. So much so that I ultimately wound up buying Tapatalk just because making a post had become such a nightmare. And Tapatalk did fix that problem, and I do love the app, but it cost me a couple bucks.
Over-all, I am happy I got a tablet instead of a netbook. It was half the price of what I would have spent, it's lighter and has better battery life than most netbooks, and it has a solid-state drive so that's one less thing to break. I can get things done quickly without waiting to boot up, and even if some of them are a bit more limited, most apps I use for work make the things I can do faster, not slower. There are even a few apps I prefer to their PC counterparts.
I also think tablet Android has gotten really good. I was concerned at first not being able to see what I have open in the panel might drive me insane and make multitasking difficult, but Android compensates for this well and actually I find it to be a breeze. Kudos to Android.
But it is not without compromise.