iProd means "I Product"..So it seems the "tablet device" will be labeled within the iPod lineup.
Maybe even the iBook Touch ?
Surely "iProd" is a play on words, with 'prod' (meaning 'to poke or thrust abruptly', not solely used in relation to cattle) being inserted into iPod. Like a more intense iPod Touch. That was my initial thought anyway.
It's probably an in-joke between the developers, who use it as a working title for whatever it actually is (most likely the rumoured tablet).