No, it's not competition for me. It puts the cart before the horse. If I want tablet-only mode, I want as small as possible. If I want a keyboard too, I don't mind a bit of extra bulk, in fact it will make it much easier to type on on surfaces other than desks. Hence, the ports and slots belong in the keyboard, where Asus put them, NOT in the tablet where Lenovo put them.
I don't think it's any coincidence that Lenovo's specifications don't mention the size (and especially the thickness). Look at the size of the mini HDMI port on the Transformer compared to the thickness, though, and then take a look at the Lenovo. It looks tanklike, by comparison, and it's 10% heavier than the Transformer tablet-only, too.
And as others have mentioned, it lags badly behind in netbook-mode battery life.
Head of an Android household: HTC One X+ International 64GB, HTC One X International 32GB, two hopelessly unstable Asus Eee Pad Transformers (32GB and 16GB, each with keyboard docks; remember -- friends don't let friends buy Asus), Samsung Galaxy Ace, and a Fuhu Nabi 2.