"We're proud to report the best June quarter for both revenue and earnings in Apple's history," said Chief Executive Steve Jobs "We set a new record for Mac sales, we think we have a real winner with our new iPhone 3G, and we're busy finishing several more wonderful new products to launch in the coming months."
I wonder if this could possibly be the "Mythical Midrange Tower" among other goodies also including an upgraded Mini.
I'm inclined to agree with you, but its best not to get your hopes up. When Steve announced the iphone, we were told there were lots of new and exciting products to expect later that year. A year later, we got the MBA and were told there were new products coming at an unspecified time, that he intimated might be quite soon (citation needed, all this comes from memory).
This is the 2nd consecutive quarter where earnings have been good but the stock has gone down, principally because of such a pessimistic outlook for the next quarter (last time the excuse was an upcoming transition that everyone took to mean, and most certainly was, the iphone 3G transition). Apple likes to underbid its quarterly projections with excuses like these, so that it can beat them by a longshot, but wall st doesn't seem to be as impressed by this trick as it used to be.
Nevertheless, all the signs point to new products in development that have been continuously delayed (and years from now, we'll see pictures of the ones that never shipped). The 12" MBP is def not one of them. Once the MBA is cheap enough, it will fill that hole, despite its integrated gfx. There is probably a mid-range ultra-portable (probably a tablet) coming as rumours (often from fairly reliable sources) have suggested. The possibility of a new mini-related product (or 2: a "nano" and "midi", perhaps) is very likely, IMHO, but don't expect anyone on MR who doesn't visit this thread regularly to agree with me/us.
Here's why:
1) The mini has been rumoured to be EOL'd, since just a few months after steve announced the iphone at MWSF07, hailing new products on the horizon, that we can only hope never materialized (except the MBA) because they were severely delayed.
2) Whilst the rumour has not come true, the mini has been on the same lame annual-bump-to-where-the-MB-was-last-year upgrade path since about the same time.
3) The rumours have changed in tone since then to suggest a new form factor overhaul sometime this quarter (this was either appleinsider or 9to5mac and thus pretty reliable), perhaps even a much smaller model (a more persistent rumour from less reliable sources).
4) Apple hasn't given the displays a much needed update to HDCP-compliance and built-in iSight, despite the fact that they no longer sell the latter seperately. Maybe they've been holding off all this time because they expect the new mini to sell more displays than the current one does, and want to do a joint launch.
So anyways, those are my over-wordy $0.02 (sorry). I really think this year will be the year of the xMac, but then I thought that last year too and just because they've intimated that something will happen this quarter, doesn't mean it might still be 2 years away. The only thing about the conference call Q&A that makes me think they weren't talking about an xMac is that Apple won't want to offer the xMac at a price its competitors can't compete with, if anything it'll be apple finally admitting that its competitors are offering something they don't. But hopefully, that comment was regarding the tablet or mac nano (if that actually happens) which would be more revolutionary products.
On the other hand, if they were to make something geared specifically toward musicians that included a midi interface, perhaps they could call it that. I'm just hoping for a slight boost in gpu, HD, and maximum RAM so that I can get one for my wife to replace my old G3 iBook that she is using right now. 
