That's what I did folks...
I currently have OSX 10.6.2 running on my $250 Acer Aspire One A150.
It has a web cam, and after a little fiddling, everything is fully functional
I'm sure many of you are familiar with the term "Hackintosh." (i.e. a PC running OSX Natively).
There are a lot of PCs and Netbooks out there capable of doing this... The A150 and The Dell Mini 9 and 10 are very well tested with this.
Imagine this. Something that's just about the same size as an iPad, but one that can do EVERYTHING a Macbook can - Minus play CD's.
I mean sure, it's not a touch screen, but there's even a mod out there to give an Acer A150 one of those!
Look. You can either pay $500 for the iPad, and it's iPhone-esque capabilities.
OR...
You can pay $250-$300 and have a 1.6 GHz processor, up to 2GB of Ram... AND a 160GB Hard Drive. - With a webcam and wifi.

- There are even 3G models available.
The only thing you really lose is battery, which can be compensated by the fact that you can REPLACE THE BATTERY in a netbook.
Plus... isn't it way cooler to have something like a hacked ass netbook? I say hell yeah!
I'm pretty sure the iPad is apple's next Newton catastrophe.
This Project isn't for any N00Bs. Unless you know your way around both Windows and Mac reasonably well, you won't manage this.
Different netbooks require different approaches to get OSX on them, Google is your friend to get this running.
Just a note... A lot of guides online are for 10.5.2 and greater. Try to find the latest one and it should work for snow leopard as well.
Cheers!