I used (until it failed) a 7" android tablet in place of my little chumby. For my purposes, I liked it better overall. The apps and widgets on android are generally more capable. I could control lighting, view IP cameras (could never get that to work on chumby), make and recieve phone calls and texts, control TVs, etc.... I ended up setting up multiple widgets and shortcuts on a single screen to meet my needs and desires.
(I don't think I would like using an iOS device quite as well as android for this purpose.)
Of course, if you want a single, full-screen view, cycling through each of your various feeds, this becomes a bit more difficult with android. Also, I find that the chumby was a bit better in a few ways (back lighting, night clock, alarm clock) but overall, I prefer the power and flexibility of the android.
Unfortunately, the android tablet I was using failed after a year or so. Maybe I will replace it, but I am hesitant to drop another $100 on a cheap tablet (that may fail in a year). We will see.
Right now, I have a sangean clock radio and samsung galaxy player (5") tablet. The tablet gives me some weather, home automation, camera feeds, but I use the clock radio for time and alarms.