"That's a humongous data center," Gottheil observed. While others have speculated that the center will power an iTunes music streaming service or store customers' iTunes libraries for everywhere access, Gottheil as a different idea. "Apple needs to get into the online services business, but it can't be plain vanilla," he said. "That's not what Apple likes to do."

Instead, he believes will craft a video platform that other developers can use to build video-enabled iPhone and iPad applications, then use the data center as the switchboard that, for a fee, routes the ensuing data traffic. "They'll build the platform, make an application or two -- maybe a game where people see each other as they play -- and then provide some kind of switchboard service. That's exactly the kind of thing that they like to do."

In a follow-up research note that Gottheil sent to clients today, he also hammered on the idea. "By providing critical applications and a platform for third-party development, Apple could create a compelling and very sticky subscription service," he wrote.

Not everyone buys Gottheil's theory on video and the data center. Brian Marshall, an analyst who tracks Apple for BroadPoint AmTech, agreed that the next iPhone would have a camera, and believes a refresh of the iPad with a camera will appear in time for this year's holiday season. But he has different plans for the data center.

"That's for their cloud-based service," Marshall said, "which will probably be hosting iTunes libraries in the cloud. That will let customers access their iTunes [music] from anywhere, and untether it from their computers."