UPDATE: Here's a rundown of Apple's product event

-- Apple TV: Set top box that can stream iTunes video/music or play video from an attached USB hard drive or networked computer.

Features include: HDMI, USB port, built-in power supply (no power brick), Ethernet, wireless.

Price: $99

-- iTunes with Ping: The new version features a streamlined interface and a new networking feature called Ping, along with a new icon sanz CD image.

-- iPod Touch: Apple added a front-facing camera and FaceTime to the iPod touch. It also added a rear-facing camera with HD video recording, the retina display currently available on the iPhone 4, the Apple A4 chip, and 3-axis gyro for better gaming.

Price: $229 (8GB), $299 (32GB), $399 (64GB)

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-- iPod Shuffle/Nano: The Nano gets a 3.3 inch touch screen display, while the Shuffle goes "old school,"  drops the cigarette lighter design and goes back to the click wheel.

-- iOS 4.1, 4.2: 4.1 will be released next week for the iPhone and iPod Touch while 4.2 is set for a November release for the iPad.

The updated OS will improve overall performnance, HDR photos (more realistive photos), TV Show rentals, HD video upload over Wifi, Game Center

-- Game Center: Allow multiplayer gaming similar to what is found on high end systems like PS3, Xbox 360. Users can challenge their friends or  vice versa. GameCenter will "auto-match" you " users who want to play against another random player."

CLICK HERE for the full scoop.

 Apple announced it will live stream its press event later today via the Internet only to Mac users.

Apple will broadcast its Sept. 1 event online using Apple’s industry-leading HTTP Live Streaming, which is based on open standards, the company said. "Viewing requires either a Mac® running Safari on Mac OS X version 10.6 Snow Leopard, an iPhone or iPod touch running iOS 3.0 or higher, or an iPad.

The live broadcast will begin at 1 p.m. in New York  at www.apple.com.

The Mac-only video stream could be Apple's way of jabbing Adobe, whose Flash product powers most Internet video, including YouTube.com. An ongoing feud between Apple chief executive Steve Jobs and Adobe heads, has left  iPad, iPhone, and iTouch users without the ability to play Flash.

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The blogosphere is specualting that today's event could be the launch of several new products or the revamping of Apple's old favorites.

Here's a quick look at what Apple-insders are saying the company could announce:

-- A re-worked iTunes. Could intertwine an Web-based interface with current software.

-- Movie and TV show rentals via iTunes for 99 cents.

-- Redesigned iPod Nano, iPod Touch, iPod

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-- Apple TV update

-- Music Cloud -- music you buy is stored in an Apple server and streamed instantly to any internet connected device you have.