Will the next 'ultra portable' mac be a thin client?

A ton of speculation here, but have been hearing a lot about purported specs, and from all the descriptions (smaller screen, poss. no keyboard/multitouch, flash memory/storage) all points to the possibility that the next release may be in this niche market.

This also seems to jive with the tablet, pmp and other speculations about the ‘next’ Apple product…plus, one of my colleagues (who works with Apple retail-go figure fwiw) indicated that the next model wouldn’t necessarily replace existing MBP tech or iPhone, but be somewhere in between.

Asking because I’m in the market for a wifi-PMP, but given Apple’s track record w/closed-end OS and DRM (i.e. no plays-for-sure et. al) would something like this be worth waiting for? Or am I just suffering from fanboi syndrome?