...But seriously, folks--I can squeeze the eee PC into a large cargo pocket, and walk with a Joker-ish hitch to my stride, but that doesn't even technically represent ubiquitous computing. It takes longer than 10 seconds to boot, and it's awkward to use while standing up, so if I've got 'em both on me I'll always default to the iPhone unless I need to type more than a paragraph, or do something the iPhone can't.
If I had to stand up on the train, an Android phone or an E71 (or at last resort, an iPod) would be a much better choice.
In your case, I would say the train with it's seats & 1 hr time period is more similar to an office scenario. Just like laptops extended the office to planes, long train rides & coffee shops Eee-like laptops extend the office further. The iphone is computing away from the office: The lift, the taxi, the meeting, the queue.
So to restate common wisdom: Whether or not you'll be able to work a spreadsheet or create a powerpoint on one is not as important as what new things you can/will do on one.
This guy implies using the Eee for calls, texts, music etc. I don't buy it.
Because of this, phones still represent the future of ubiquitous computing.