Anticipation mounts as the world eagerly awaits details of Apple's 'latest creation' on Wednesday.

While little is known about the device, speculation has been mounting for years, reaching an apex after the company beckoned the press to gather in San Francisco for an unveiling.

Observers are expecting the company to unveil a tablet device that Apple hopes will revolutionize the way media is delivered to consumers. Books and newspapers can be read on the device -- like an e-book -- but it will also play rich digital content, and offer Web capabilities.

Industry watchers are bullish. They say Apple's obsession to detail gives the so-called iSlate a big edge in a computer category that had been deemed a failure.

If Apple is going to design a product, then it's going to be the best design in the marketplace, said Broadpoint Amtech analyst Brian Marshall. To bet that it's going to be a flop is a bad bet.

Magazine, book and newspaper publishers are reportedly talking with Apple about providing material.

Harold McGraw III, chief executive of textbook publisher McGraw-Hill Cos., said on an analyst call Tuesday that his company will distribute text-books on the device.

In the near future you will undoubtedly see a McGraw-Hill e-book for the college market running on an Apple tablet.

Analytics firm Flurry has identified about 50 of the new devices running hundreds of applications, primarily games.

There's a huge potential long-term story there for Apple, said Atlantic Equities analyst James Cordwell. Whether they get it right the first time, we'll have to wait and see, but they have a pretty good track record.

Wall Street will pay particular attention to the tablet's price tag. If it is closer to $1,000 than $600, analysts say it will be tougher to convince consumers to buy.