I'm not sure that this is an entirely novel thought, but I thought I would test my psychic abilities a little.
The mac mini seems like the target for movies here, not iPods. There's a lot of talk about Airport express and how that might be the killer hardware, but there's more to it than that. Apple is competing against rental stores and netflix to watch movies. No one is just going to want to watch movies on an iPod, they are going to want it on they're TV. So why not have a network box that saves and plays the movies that is attatched to your TV? The mini is already positioned to do exactly that. No keyboard or monitor, maybe just a remote to run Front Row.
Download the movie to the mini, watch it on TV at your convenience. Mac video on demand. Start doing that with TV shows and all of a sudden, Tivo has got a serious contender, too.
The hard bit will be having full-quality movies sent to your home, VOD style.
The new iPod is a phone. There may be a video ipod, but I doubt that it's a main target for the movies.
I have this wonderful feeling that it'll be even cooler than this, but this is what I am expecting.
Dr. Z.