Update: Steve's on the call. He says that Apple has 5,500 apps in the iPhone App Store, and that Apple should sell its 200 millionth app tomorrow -- "unlike anything we've seen in our careers." He's calling Apple customers the "smartest, more product-aware customers in the market," and that economic hardships won't cause them to switch to cheaper machines, just delay their purchases, since "none of our competitors can deliver products in this class." In addition, Apple plans to invest and "innovate through the downturn" as it did the last time the economy went sour.
Update 2: Taking questions now -- Steve says that the iPhone could be considered an entrant into the netbook market, since it can browse the web (uh, sure), but that Apple's looking at the "nascent" netbook market and it's "got some interesting ideas there if it does evolve."
Update 3: Hitting harder on the price aspect of netbooks, Steve says, "We don't know how to make a $500 machine that's not a piece of junk, and our DNA won't let us do it." He also says that he thinks Apple TV will remain a "hobby" in 2009, and totally shot down a question about touch / tablet computing.
Update 4: That's it! In response to a question about different form factors for the iPhone, Steve said "Babe Ruth only had one home run, but he hit it a bunch of times," and that he didn't think software developers would want to target lots of different platforms -- probably indicating that the current iPhone design isn't changing for a while. He also said that he didn't think Apple's competitors really understood the idea of a phone as a "software platform" -- a pill that requires a pretty big dose of RDF to swallow, since both Google and Microsoft probably beg to differ.