Bleh
I really doubt this is anything.
Add another lefty here that writes with his left hand and mouses (and uses touchpads on laptops) with the right. I already struggle with Wacom tablet placement, but I only use those for pen specific inputs, not general pointing duties.
This won't replace a mouse for most people, but people that are just buying new iMac, it might be the in box next to the keyboard. I don't see this being the introduction to iPhone OS apps on the desktop or even with AppleTV though, the iPhone's advantage is in the screen being under the touch device. Inprecise devices like wacom pen input devices require a LOT of adjustment to get used to, more than a mouse provides. I don't see it working as both a keyboard and mouse, again mostly because people need to be able to look down at something to type and Apple is REALLY not on the hand writing recognition input method, I think they'd rather work with speech to text. Beyond that, I have to echo that if this doesn't have pressure sensitivity, it's a no go for artists (really it's not the finger painting that most artists dislike, it's not being able to adjust input based on pressure). And the majority of normal users prefer mouse to touchpads. I know I always hear about laptop users complaining that everything has shifted to touchpads over the nub, and there are already plenty of these touch devices at reasonable prices for the few that want to swing that direction.
This just doesn't seem to fit a need for the majority of users, which is what Apple always tries to target. My vote is this is a dead prototype, meant to lead us astray before the big news day.
TV with iPhoneOS pointing device.