Fred has summed it up best in his email to me today:

It's here!  It's queer! I want one!!!

http://www.apple.com/iphone/

http://www.apple.com/appletv/

I'll have to second that one.  The iPhone reminds me of those all-in-one tricorders from Star Trek, very futuristic.  The AppleTV is cool, but I don't watch TV, nor do I have room for one, but still, a great idea.