Alchemy - Part 1
I took some time to compile my personal view on this after reading the many points of view spruiked recently...
A truly mobile palette in my view is one that encompasses the idea of 'always-on' and 'always-connected'
This is achieved in part by iPhone's push services or some other kind of 'live telemetry to and from a server, AKA MobileMe.
Alternately there might also be a localized implementation of that service to your MAC/PC and/or with your mobile phone.
So that is in my view a connectivity 'platform' on which to based user-active features that really allow you to 'keep-alive' your connectivity to your local system at home or office, or mobile roaming via MobileMe and cloud servers.
The first generation might be rolled out with an Atom CPU but I do see however the next cycle implementing the Apple developed and produced CPU architecture. I have mentioned once before that Apple might implement the FPGA chipset which I believe would make the hardware platform very versatile.
Hardware features I am thinking a core set of components already successfully implements including
If it is badged along the MacBook lines then it will have a front facing cam to accommodate video conferencing like other MacBook lines.
No Keyboard at all... No flippety-flop folding screens, no secret slide-out keyboards, it's a tablet, get over it! [If it does have a keyboard I will happily eat the piece of paper I scribed this stuff on of course!!!

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Touch Screen - Possibly OLED, WiFi/Bluetooth 3.0/3G-4G[/GPS], 64/128[/256 - not SSD yet!] GB RAM, web cam[front], digi-compass, motion sensor, gravity sensor, proximity sensor, light sensor, haptic feedback [possibly screen based], USB [x2], SD slot, external speaker
, audio controls, built in mic, on/off button [and FPGA chipset]. External stand device but not built-in.
Since OS X has seen some image shrinkage, I suspect it's compact-ness core will make its way to the tablet - 64bit?.
It will be positioned as a MacBook range device which is why there was space made in the product lines recently.
It may include the FPGA chip which will allow for some true-true multi-task operations on the single chip, and be programmatically reconfigurable by the user or remotely via software upgrade... if not this product cycle then definitely the next...