Here Comes Steve Jobs Riding on his Tablet *Update: iPad*

As Bill Gates dances on tables with hot chicks at Sundance, Steve Jobs really needs to step up his game with the reveal of the Apple Tablet today. Will it be an iPhone on steroids? An impotent laptop? An e-reader than does other things but makes my arm tired? I’m on the edge of my seat (I slouch a lot)!

The dorkarazzi suspect it to be a 10-inch touchscreen with the usual music, videos, Web browser,e- books and other stuff you’d expect to be on an iPod/iPhone/iTouch. McGraw-Hill may be striking a deal with Apple, and they apparently got a preview of what’s to be seen this morning in San Francisco: it will run on the iPhone operating system (no Snow Leopard, sorry) and will be teacher’s pet for e-reading.

Some other features are getting tossed around on Twitter. Jason Calcanis of Engadget claims, “a built-in HDTV tuner, two cameras (one front, one back), thumb pads for mouse gestures (and fingerprint security!), an OLED display, and a solar pad on the rear for recharging.” Hmm. Why wouldn’t they put those kind of features on their laptops first?

Another rumor, which may be to the disappointment of many iPhone users, is that the tablet will use AT&T as its mobile service provider. Think of it this way: at least your tablet doesn’t have to make phone calls.

We’ve still got a few hours before the official event at 10am Pacific, so we can find out if these terrible, terrible rumors will become wonderful, wonderful truths.

*Update 4:27 pm ET* Steve Job presents the iPad.