By the time an ultraportable involves an external optical and at least an ethernet dongle, not to mention the usual power cable, it seems like quite a bulky an inelegant package to me. At that point, I would rather just carry a MacBook, even if it were a few ounces heavier. And 4-pin FW is believable, but I certainly hope Apple doesn't use it for an ultraportable, because the situations that call for an ultraportable also call for a hub-powered portable HD. If you have to carry around an HD's power cord, again, you may as well just have a MacBook. So between the problems with the 4-pin and the inelegance of the dongle, I wouldn't rule out the collapsable ports, a wedge shape, or some other creative way to fit real ports on this machine.
And at least one post on this thread reminded us that since this is probably not meant to be a primary computer, it does not have to be too powerful -- just enough for web & email. I'll add MS Office to that list of essentials -- but still, why get a notebook for that? Why not just a smartphone? Or a PDA? For me, this machine would need enough power to run Photoshop. I don't think an ultraportable has to run Final Cut, but Photoshop is necessary to distinguish a notebook from a smartphone. I don't know what hardware would be necessary to effectively run Photoshop, but many of you surely do, and I think that should be Apple's target performance. I just don't think that there is a market for a machine that can do any less than that, and I don't think we need pay for a machine that can do much more.
Can't wait...