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I'm calling my shot.
WWDC will go down like this...
1. "The Future of Mac OS X" = Lion
2. "The Future of iOS" - iPhone 5
A lil hardware, a lil software, something for everyone. As for iOS 5, it will be previewed in April in a separate event. WWDC will set the spotlight on iPhone 5, and thus iOS 5 will not share the same stage, potentially stealing iPhone 5's thunder.
C'mon people, forget the rumors and look at what Apple has done in the past. It's not NCAA Bracketology....