apple's definitely working on it
Maybe they're only tinkering with the idea, but I think that at the very least we'll see an iPod type gadget with a S-Video out and MPEG decoding chip.
It will allow you to carry around your iMovies and iPhoto albums and display them anywhere you have a TV or multimedia projector to tap in to.
In addition, many college students are downloading video, and not just movies, but also TV episodes, funny advertisements, etc. These are videos that are compressed to under 50 MB and thus are only the size of maybe, 10 songs.
Perhaps, "Apple introduces the vPod, holds 500 TV episodes!" Of course, movies compress pretty readily to around 650 MB, so even the 15GB vPod holds around 20 full-length movies.
An optional accessory will be a clip-on, 5" LCD screen for watching on the bus, on the plane, etc. Or maybe the vPod has a screen built-in, and folds out like cell phones do. Apple is obviously not planning to make phones, but maybe Apple and Sony-Ericcson collaborate to produce a phone/vPod.
With the proper AppleScripting, your TV-connected Mac could record the morning news for you, strip out the commercials, and compress it and put it on your vPod before you walk out the door.
Sure, some of these ideas are out there, but some of them make sense and could definitely be realized within the next few years.