Not a PDA... but under another name
Steve Jobs has a history of stating things using very specific words.
In Apple's eyes (ie SJ), the PDA's potential has never been realized and will never be realized as a PDA.
Therefore, whatever Apple comes up with, will be an evolutionary step and have a different acronym.
The facts are clear, they will produce a device that will utilize all the Synchronizing stuff they've developed. SyncML/iSync, Bluetooth, really small hard drives (from toshiba or another manufacturer), .Mac, iCal, new Address book, InkWell, and several other standard and non-standard technologies built into Jaguar.
They clearly have built an incredible foundation for "something wonderful".
Also, note that they added the Palm PDA to the Digital Devices (MacWorld Keynote). Steve Jobs added it very quickly and just passed right over it. In fact, you'll note that he DIDN'T show the settings for PDA in iSync. Why? Probably because he didn't want to push the Palm -- or draw attention to it. The big push was mainly for the new phone.
So what will the new device be called and what will it be capable of? That is the question. It will not be a PDA - because it will have a little hard drive, wireless connectivity, legendary Apple design and ease of use -- it's a whole new category.
Camera, phone, recorder, video conferencing, incredible storage, incredible speed, digital books (iRead-or something like that), speech recognition(?very questionable?), handwriting recognition, Rendezvous connectivity, file sharing (iTunes), and probably somethings we haven't thought of.
Most of this is very possible with their current technology, save one - video conferencing, but iChat appears to have something that might account for that in the future. And the digital books could benefit from a new iApp -- and it would really take off for people that want to take several books on a trip or vacation, but don't want to lug around all weight.
The last thing I'll mention is that the OS will be something specifically for the device and probably not based directly on OS X. Although, they have can easily come up with a BSD Unix based and simplified GUI. Heck, it could even be it's own type of iApp running directly on top of Unix - integrated everything.
My 2 cents.
Quark