I don't like it either, but I don't think Apple's going to get rid of the "Mac" moniker per say, it's just that Macs will also run some flavor of iOS instead of OS X. Today this is just a change of name, but I think think in the future it will become more fundamental.
Steve wants everyone to have the same "experience" with Apple products, and I think he's using more of the Starbucks and Hilton approach: there may be a little local flavor at the shop (read: desktop and portable OS variations), but at the end of the day it's still an Apple product running iOS. Just as people travel to Germany, Japan or Australia and get the same experience buying a coffee at Starbucks and staying at a Hilton, people will buy an iToy or Mac and have the same OS experience, which will be iOS. I think this is where the rumors of an iOS layer on OS X are coming from now, Apple is going to start making the "experience" of the different operating systems converge over time.
To me, iOS on OS X sounds a lot like Microsoft Bob, but I think Apple is targeting the next generation of mobile computing users - the folks who never had to pick their way through Apple BASIC, DOS code, or remember what computers were like without a decent GUI. I've stated in other threads that there are some highly innovative components to iOS that would work well on a desktop system, but the increasing power of mobile processors for both laptops and phones to handle robust features formerly found only in higher-end desktop systems and the decreasing market of desktop users will make a complete merge between iOS and OS X possible. I'm just scared of what that baby's going to look like - not so much because it won't run Final Cut Pro if I need it to, but because of how Apple is positioning its vertical markets, App Store and iAd control now.
I'm not sure they're going to scrap e.g. the Mac Pro to replace it with a development pc/expensive text editor, that you can work on so you can develop your apps, either.
