Am watching the webcast from Macworld, mesmerized by how beautifully Quicktime is streaming this to an incredible amount of viewers, more probably with every webcast. Yet this is the smoothest Macworld Keynote I have ever watched. Steve has spent most of his time talking about iLife so far: integrated apps to buy/organize music, organize pics into slideshows with your music, edit videos with your music, burn the slideshows and videos to pro-looking DVDs, and a virtual studio to record your music and mix it with other tracks you record or pre-made loops. And they all work together to end up with a video, a track, a presentation of your pix. And upload it to your personal .Mac webpage.
Obvious but as yet missing link: make your project on iLife, and then one-button upload it, not to .Mac homepage, but to iTunes, for sale. No publishing intermediaries except for Apple's website. All royalties yours.
(He's about to announce something new about iPods.)