Oh, it's an iPad.

OK, it is iPad! You can make fun of the name. But this device will indeed be revolutionary. I call it a digital Gutenberg. Yes, digital Gutenberg!

One big surprise is the low price points of the device, as low as $500 for the 16G Wifi model. Many has expected it to be close to $1000.

Apple is notorious for its expensive laptops and Macs. Why Apple set such a low price point for this revolutionary product (not too much more expensive than those junk netbooks)? Steve Jobs said it loud and clear: we want to get this product to as many people as possible.

The iPad is a Trojan horse. Apple is not going to make a lot of money selling the iPads. I figure that they are barely break-even after counting the production and distribution costs.

So where is the beef? I think it is in the eBooks, eNewspapers, eMagazines, and games, and yes, mobile advertising that can be exploited here. Apple gets 30% cut of all the things sold through iTunes, AppStore, and eBookStore. More over, once the volume reaches a critical mass, Apple will allow advertisers to dynamically place targeted ads in eBooks, eNewspapers, eMagazines and, of course games and other applications.

So clearly iPad is a Trojan horse. The hardware is not the key. It is the future Apps.

The eBook application is exciting. Imagine you have a book you want to publish and sell. You go to Random House. They tell you that you have to put $8M upfront for them to publish it for you. Where can you come up with the $8M?

Well, with ePub, you can publish your book for just a few hundred bucks, and then sell it through iPad's eBookStore! Wow, I am tempting to write a book now. Maybe I can sell a million copy and get rich quick :)

During the presentation, New York Times showcased its eNewpaper app specifically designed for iPad. I read a couple of newspapers and periodicals, such as FT, NYT, WP, WSJ, Economists, etc. When I travel, I don't want to carry them with me. Now I will just take the iPad.

For the newspaper companies, they will save printing, and distribution costs (so iPad is a very "green" product). It is not an exaggeration if I say iPad may save the entire newspaper and magazine industry!

Now you understand why I call iPad digital Gutenberg.

Extra: Qualcomm stock dropped more than $8 after Apple indicated that the iPad uses its in-house designed ARM chip (remember the PA Semi group Apple acquired a few years ago?). Unlike the x86 market, which is dominated by one single company Intel (I don't think AMD counts), the ARM world is fiercely competitive. Every single IC design house in the world has its own design. I doubt either Intel or Qualcomm is a good long term investment. Even Google is under treat if Apple can use iPad to dominate mobile advertising. Google has a hard time to translate its success in desktop advertising into the mobile market. I will stick with Apple.

Disclaimer: I own some shares of Apple's common stock. So take whatever I said with a grain of salt.

iSlate or iPad, whatever it is called, will revolutionize the printed media for ever. Steve Jobs's last act.

Tomorrow, Apple will unveil the long anticipated "latest creation", iSlate, or iPad, a tablet device that has captured enormous interest and hype in the media.

But this is not hype. If Apple can pull it off, this could be a revolutionary device that will for ever change the "printed" media as we know it. This is probably Steve Jobs last act, and maybe also the most significant one in terms of its impact.

Forget about iPhone! This iSlate thing is ten or even a hundred times bigger!

Printed media are doomed in its current forms. It is a matter of time. Since the invention of the Gutenberg printing press, this industry has not had any significant innovation. Yes, you may say Xerox was pretty big. And, color was available a few decades ago. Other than that, the printed media have remained static for hundreds of years.

This will change. The iSlate will enable a whole new experience. Not only the content can be dynamic and real time, it can also be presented to readers/viewers in multiple forms: audio, video, text, or hyperlink. It is going to be a whole new experience.

Imagine you read the latest Wall Street Journal: the stock quotes page can be updated in real time. If you click on it, the stock chart will pop up. Don't know what "CDS" means, just click on it. The interview with President Obama now can be both text and video.

Imagine you are reading a travel magazine: all the beautiful photos and video clips are now just one-click away. Not to mention the targeted advertising that gives you latest deals in vacation.

And best of all, a lot of rain forest will be saved!

Believe me, this iSlate thing is huge! Apple will dominate the media industry for years to come.

Disclaimer: I am a shareholder in Apple common stock.