Apple is holding a special event today at 10am PT to announce a new product. Or something. No one knows exactly what but it seems to have something to do with music. Popular guesses include a 3G iPhone, a different iPod nano, a touchscreen iPod, and the availability of the Beatles entire musical catalog on iTunes. MacWorld, Engadget, MacObserver, and ArsTechnica (among others) will have live coverage.
Update: Jobs announced 99-cent ringtones, new colors for iPod shuffle, new form factor for iPod nano (fat vs. thin), renamed the iPod to iPod classic, introduced new iPod touch (basically the iPhone without the phone), new mobile iTunes Music Store that will work on iPod touch and the iPhone, odd partnership with Starbucks...click to buy currently playing songs in the store and free wifi for iTMS purchases (how about free wifi, period?), and the 8GB iPhone now costs $399. !!!!! I guess Apple's plan on that was 1) gouge all the early adopters, and then 2) reduce the price to sell iPhones like crazy.