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Of course this is all speculation, but there seems to be a lot of fear here at GS that Apple could be going more consumer (Garageband) and musician (Logic) and leaving the high-end stuff to Pro Tools. I think that's exactly what they're doing, and it would be a smart move (like most of what they're doing right now).
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One thing is certain - Steve Jobs is hard core competitive, and he likes Apple's products to be 'best in show', to kill competitors, and Logic is no exception. They didn't have to buy Logic just to create Garage Band - that's ridiculous nonsense.
It's all about Avid + ProTools vs Final Cut Pro + Logic Pro, and FCP is already giving Avid a serious run for their money. Also, if I'm not mistaken, Logic has more users than any other DAW, so a big upgrade means serious $$$ for Apple.
It's so obvious that they are waiting for the next version of OSX and the dual quad core Intel Macs, both of which are among the biggest upgrades of OS and hardware yet, so it makes perfect, sense to introduce the next generation of Logic when those two items are ready for prime time.
You've got the whole eMagic development team, which has been working full time on 'something'. Since we haven't had any major updates for a while, it means they're working on major items/issues, to blow away the competition, beyond just matching their features/functions. That's Apple's style - mind blowing products.
The new OSX and dual quad cores will certainly match, or possibly exceed the capabilities of a high end ProTools setup, at a fraction of the cost.