It is definitely much more than this. There are tutorials on how to cut footage using Blender. It is powerful, yet somewhat unintuitive.
2.43 and above only, and then only if you have a compatible version of ffmpeg installed.
Well there already is software to do e-mail, web surfing, irc, 3d rendering & movie editing, photo-management, word processing, retouche, painting, spreadsheets, dtp, games and software development. This is more than the original Amiga had in 1985. It might be enough for some people.
Try that on an iPad!
From the top, web surfing, so long as you don't mind not having java or flash, or indeed a usable browser, sure, you can browse. 3d rendering.. great, I can render like it's 1999!, photo management... Everything from feature phones upwards can do this, this isn't a feature, this is a baseline requirement to being taken seriously. Word Processing, so you can read and write to modern versions of Word documents, right? What's that, you cant? Then cross off that from the list. Painting, again, baseline, even my Tocco Lite has some basic retouching facilities. Spreadsheets, ok, great, again, can you read/write to excell or even OO.orgs file formats? DTP, heh... When I was big into the BeOS scene a few years back a friend of mine, someone who uses DTP professionally asked about Amiga DTP software and I pointed them to Pagestream, the comment I got back was "wait, people actually pay for this?". Software development? Hah, you'll be damned hard pressed to find a more spartan environment for development than the Amiga.
Also, trying to compare a web pad to an alleged desktop computer? LOL!