I really don't think that Apple is going to release something that is just an oversized iPhone.
If you ever see teenagers using computers, you might notice something.
They don't run many applications. They don't use Photoshop, or FTP clients. Or even MS Office. They don't even, (brace yourself for this), use Finder and the file system.
Most of the the time, they watch movies, or go on Facebook.
There's a class of computer user who just use personal computers for ... well.. personal stuff. And the computers they use are not particularly well set up for that. Modern PCs and Macs are full of stuff that goes back to the PCs origin as a piece of office equipment. They were built as word processors or as productivity tools. And that legacy continues in every part of the design.
My guess is that Jobs is going to announce a personal computer that dumps all that stuff. It won't run Photoshop. It won't have an exposed file system. It not for doing spreadsheets or writing business correspondence.
Every geek and techie is going to cry foul. "What No Finder?" - "How can I edit a Word document?" , but here's the thing. If you *need* to edit a word document, this is not really the device for you. Apple already makes computers called Macs for all that productivity-content-creator stuff. They sell quite well.
Apple will announce a new class of device for doing this other stuff. For un-productivity. For entertainment. Media browsing. Facebook, Social networking. And although technically it does less than a netbook. I don't think the intended audience will give half a damn. Smartphone experts were horrified the iPhone could not edit Word documents too. But this omission did not seem to harm sales.
So I think the disappointed mass of united geekdom will describe it as just a big iPhone. But if Apple have done a good job, the users will discover a re-invented personal computer. One designed to do the stuff they use computers for. And one that does not suck.
We will see.
C.