Apple ran its first iPad commercial during the Academy Awards on Sunday night. The 30-second advertisement shows the tablet computer sitting on an unidentified man’s lap as he whisks through the features and functions in veteran style.

Apple’s latest computing innovation will hit store shelves on April 3, but the commercial offered a closer look at what Apple CEO Steve Jobs calls “something completely new” and “magical” and “revolutionary.” The iPad will start at $499 and lets users browse the web, read and send e-mail, view and share photos, watch videos, listen to music, play games, read books, and more.

“Is Apple cranking the marketing machine? Absolutely. Is this hype? I would say no,” said Avi Greengart, a senior analyst at Current Analysis. “The press release calls this a magical device. The commercial shows off what it can do. Apple believes they have created products that have unique value propositions, and then they create television advertising that shows off those value propositions.”

I can’t say I will be standing in line to buy an iPad on April 3, but I can say I will have one before the summer runs its course.

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