Speculation on what Apple is announcing has ranged from an iPod with video support to a flash-based iPod mini to the much-hyped Motorola iPod phone.
Motorola CEO Ed Zander recently said that their iTunes phone would be available before the end of September. According to a report in the NY Times (subscription), "Apple Computer and Motorola plan to unveil a long-awaited mobile phone and music player next week that will incorporate Apple's iTunes software."
Warner, EMI, Vivendi Universal and Sony BMG have reportedly been approached about licensing of music videos, which has led to speculation that Apple will be announcing an iPod with video support.
Analysts have also recently speculated that Apple plans to move to flash-based memory for iPod minis.
With Apple's reputation for secrecy, it's anybody's guess. Perhaps Apple has signed a deal to harness charge iPods with hamster power.