Well its just a term - and yes the strict definition of that term is a product that has been announced but not delivered.
"software or hardware that has been advertised but is not yet available to buy, either because it is only a concept or because it is still being written or designed"
I think in this case Vapourware kindof fits because you'd be forgiven with all the hundreds of macrumors articles weve had over the last 2 years with specs, costs, abilities, designs, and photorealistic renders.... that the thing has been announced and we are waiting for it to be released. It is certainly a concept at the very least.
Of course back to the bigger picture this product doesnt exist at all right now. But we are all discussing it like it does