What's Apple's Big Mystery Product?

What exactly is next for Apple's(AAPL Quote) product lineup? What blockbuster product announcement is next for the Cupertino, Calif., computer company? Speculators are going wild today trying to figure out exactly what is going on.

This is all because of Apple's earning call late Monday afternoon. Apple CFO Peter Oppenheimer said the numbers were great for the last quarter but warned about a "future product transition" as a big reason that Apple expected slightly worse profit numbers in the fourth quarter.

Apple's stock dropped $14.13 (or 8.5%) to $152.16 afterhours Monday night.

Apple's Got Something Up Its Sleeve

But what is that "future product transition" all about? Is there a mystery product that Apple is currently working on that will once again revolutionize the industry? Oppenheimer actually hinted that there was a "state-of-the-art new product that our competitors just aren't going to be able to match."

No other hints were given.

Bloggers today have all sorts of ideas what could be next from Apple. Some are guessing (and that's all there is to go on at this point) that we might see a new, and/or cheaper Mac Book Air laptop. Others are speculating that new laptops will sport the latest Intel(INTC Quote) Centrino 2 processors (dual-core for MacBooks and quad-core for MacBook Pros), which also might come with built-in broadcast TV tuners.

Still others think there's something cool being added to the Apple TV box that will take advantage of MacBook, iPhone and iTunes capabilities.

But, I think we're going to see a new product based on the very cool -- and very successful -- iPhone interface.