I just wanted to throw my two cents into the mix.  Everyone seems to be wanting to know what Apple will announce later today as if they could not just wait and let it happen.  Well, it will sure give indications on where we are going.  Remember, though, that it will give indications on what Apple chooses to launch, not what they have been capable of developing.  I think Apple has set itself a rather modest target of selling 10 million devices this year - this should be well doable now with the new carrier deals worldwide.  The bigger question will be: how will they set themselves in a position to sell 30 million devices in 2009?  We will get indications for that today.  Not everything will be announced - you will need to read through the lines for cues.This may also be a good time to short Nokia stock and prepare to buy six months down the road because Nokia is not in a position to respond yet, despite Anssi Vanjoki trying to pre-empt Steve’s impact by pre-announcing an E-series launch prior to an official announcement.  Like all big companies Nokia will be slow to react to Apple’s disruptive innovation and the upcoming Nokia’s ‘Tube’ device will be a disappointment - both at launch and when it hits the market.  This will drive the stock price down as Wall Street understands the hype but not the underlying forces.  Was Nokia defeated when they did not have flip phones?  No.  Did they have time to react and build the new flip phone factories?  Yes.  The strategic response to Apple has probably been in the works for 9-12 months, after initial stumbling and disbelief after the January 2007 i-Phone announcement.  We will need to wait until 3GSM in February 2009 before having any really good news - that’s my prediction.By the way, it is amazing that RIM seems to be catching up to Nokia in market cap:  at current trends the 75/100 $bn gap will be closed in the next six months.  How much lower from 9 can Nokia’s forward P/E go?  A lot of the RIM/Apple impact must have already been built into the price.  And the traction in India is now the ‘base beat’ of Nokia and will propel the good quarters.  I am still counting on the unsophistication of Wall Street to drive NOK further down, maybe even to $20 in the wake of the recession deepening. Dangerous to make predictions, though - take it with a grain of salt.