Some people will tell you that because the oddsmakers aren't expecting a new iPhone from Apple today, this Steve Jobs keynote isn't a very big deal.
This is the most important Apple announcement in recent memory. (Check out our LIVE BLOG of the event).
iCloud, the service Apple promised to announce, represents more than an updated iTunes service for the era of modern data centers. It is probably Steve Jobs's attempt to redefine the "Digital Hub" and finally succeed in an area where he has failed repeatedly: web services.
If it works, Jobs will have proven he can go toe-to-toe with arch-rival Google on its home turf. If not, Jobs will have given the world a peek at Apple's Achilles Heel.
If that sounds like a controversial assertion, consider Apple's recent history in web services: Apple's webmail product, .me email, is just mediocre next to alternatives like Gmail and Yahoo mail; the free version lacks key features like Exchange sync, and even the paid version doesn't work as well as Google's.
Apple's paid online service, MobileMe, adds cloud storage and photo sharing for $99 per year, and had a dreadfully buggy launch three years ago. Again, Google has more reliable offerings for free.