It's clear that device will not run Mac OS.
This is both for commercial reasons. (There's no commercial benefit for Apple in creating a cheap Mac.)
And for technical reasons. (Mac applications come in all shapes and sizes, but they all expect to find a large screen, a keyboard and a mouse. Tricking these applications into thinking the tablet input is a mouse will simply not work. See Origami Project )
It will run some version of OS X - but that OS will be far more iPhone like than Mac like. That means no 3rd part professional productivity or content creation apps at all. No Adobe, no Office, no Autodesk, no Final Draft etc.
So at the very best, it may arrive bundled with some Apple-authored applications. What apps will Apple create?
Pages would be hampered by loss of keyboard, same for Numbers, same for Keynote. - Business apps - let's forget them. Keynote-player is a possibility.
Some basic document, or image creation tool may get included, but this will not be a professional or business tool.
iMovie is a no-no too. We need bulk storage for that. iDVD hello? - no DVD! And while this device will be ideal for
browsing photos... it's not a device for
storing photos. So iPhoto does not really fit either.
Apple's Pro Apps are not going anywhere either. Final Cut and Logic are not going to be ported onto this. Heck Apple have not even Ported Final Cut into Cocoa.
So if you eliminate all that stuff, what do you have left? What market is there for a computer that does not do productivity?
You have the worlds best integrated media device. A remarkable e-book reader. Games machine, social networking hub...and a package with a crazy flat form-factor and day-long battery life.
In other words, you have a personal computer for normal people.
C.