Some interesting speculation from Red Herring on Apple’s latest mystery:

When Apple talks, people listen—and chat among themselves—and the computer company’s announcement about products to be unveiled Tuesday had watchers speculating about a VoIP-enabled iPod.

Apple CEO Steve Jobs is a fan of hugely-hyped product introductions and this latest campaign, set to take place at Apple’s Cupertino, California headquarters, has the same buzz factor as past ones. It started as usual with a vague reference to “some fun new products” in invitations to the media sent out last week.

What is known: the invitations were issued by the iPod and iTunes media department, suggesting that the announcement is likely related to those two.

Talk of Wi-Fi on personal media devices like iPods has generated speculation that the company might roll out VoIP-enabled media players.

Since 95 percent of PortalPlayer’s business is iPod-related, many believe Apple’s device will be the first to sport the technology. Wi-Fi could enable iPods to make VoIP phone calls and could allow them could download iTunes content directly from the Internet—bypassing the content fee-share issues of cellular providers.

“Instead of a phone, maybe in a year Apple could have a VoIP-enabled iPod,” said Current Analysis analyst Chris Crotty.

But others believe an actual Apple phone, sporting iTunes software, makes more sense, especially since Wi-Fi availability is spotty while cellular networks blanket areas with coverage.

“We still believe there will be a phone from Apple by holiday of 2006,” Mr. Munster said.

…