All info from Engadget's liveblog:Steve Jobs, Apple Inc. (NASDAQ: AAPL) CEO started with some facts about the iTunes: 600 million copies of iTunes distributed. Over 3 billion songs bought on iTunes. Over 95 million shows sold. Of all music released, 32% was in digital only in 2006.
"iTunes is clearly leading the way. We're going to ship a new version of iTunes tonight to support some new products. The biggest new feature: ringtones." Price 99 cents. As speculated, ringtones could be built as desired from own songs with over 500,000 songs participating.
Jobs moved to discuss the iPod. Sold over 110 million to date. There will be an iPod shuffle refresh with a new color RED to help diseases in Africa.
New iPod Nano with games, more storage, and a full metal design. It's even tinier and thinner with a larger 2-inch screen. Enhanced UI, 3 games, and battery life of 24 hours audio, 5 hours video playback. The 4GB will be priced at just $149. The 8GB version will be just $199. The new Nanos will be in our stores by this weekend.

The New York Post writes that 

