I wouldn't call it a complete waste of time, just not what you're looking for.

I don't think there are any tablet PC's yet that are doing what you want.  I could be wrong (and probably am).  I know that the Wacom Cintiq is pretty good for postwork and painting, but it's not a standalone, it's a drawing tablet you hook up to your computer.  I have the HP Touchsmart, and even its' touchscreen capabilities are severely lacking.  Yes, I can paint, but I don't have the same control as I do with my Wacom tablet (FWIW, I still have a Graphire.  The original :P)

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Knowledge is knowing a tomato is a fruit. Wisdom is not putting it into a fruit salad.