http://www.bestbuy.com/site/Asus+-+14%22+Laptop+-+4GB+Memory+-+500GB+Hard+Drive+-+Black/3672031.p?id=1218425883601&skuId=3672031
That's the one I'd recommend in your price. Sandy bridge i3 (mobile proper, not the lite edition) Battery life could be better, but it's probably the best in your price range.
Actually, they are. They just can't do much due to being under powered.
"Tablets" (I don't agree with how the term is used nowadays) are too limited in functionality to be worth it, in my opinion.
With a computer, you can do anything they can do and, generally, more. Heck, you can even buy one with a touch screen if you so desire.
Touchscreen in this price range? Not gonna happen.
There's really not much you can do with a laptop that you can't do with a modern tablet nowadays. The only real difference is lack of ability to run two windows side-by-side on a modern tablet, which, let's face it, on a 15'' screen 1366x768 svcks to do anyway. They can multitask, create documents, surf the web, play games, play videos... In fact, I'd love to hear these things that a laptop can do that a tablet cannot, I'm curious as to what your list contains.
There's also a lot of advantages with a tablet, namely vastly superior battery life and a helluva lot easier to move around with. The original ASUS Transformer can regularly be found at $350, $300 on sale. Then stretching the OP's budget a little, you can get the keyboard dock for it and have a very useful tablet.