When is the Tablet Coming?

Stitch, we have been hearing reports in cyberspace regarding the impending release of the mythical tablet or iSlate from Apple. I heard it would be an iPhone on steroids! Supposedly the multitouch gestures will be expanded to a new level. I also heard the processor originates from the chip company PA Semi Apple acquired a couple of years ago. Everyone wondered what Apple would use the technology for. I'm going out on a limb to speculate that Apple has mentioned that it will release something its competitors can't copy, and the capabilities resulting from a proprietary chip might be just that! What do you think of my conjecture, Stitch? Truth, or fluff?