This on its own is not worthy of an event. Sure, it is a G5 iPod with a slightly different form factor (slimmer, larger screen maybe, etc) but that is all.
I'm 75% sure that video will play an element, even if it is merely the presence of a 'stream video over wifi to the new airport express with video output' function (i.e., the decode happens on the airport express, not the iPod). I'm less sure (40%) that the new iPod will actually play video on its screen, but it would be a nice extra feature if it did. 40GB and 80GB are nice capacity improvements as well.
Other things: PowerMac to dual dual-core at 2.5GHz - I'm 75% sure. Faster Powerbook - 60% sure it'll get a 1.8GHz 7448 with 1MB L2 cache, 1GB RAM as standard, etc. Mac Mini updates will be formally announced (50%). Top-end iMac G5 with a dual-core 2GHz G5 - 25%.