When I think of Qualcomm, I think of badass chip designers. Apparently they're looking to branch out though, and not into smartphones like you'd expect. If gdgt is right, their first actual gadget launch is going to be some form of personal television. As in a portable capacitive touchscreen tablet TV.
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This actually isn't that strange. Qualcomm does own FLO TV, a digital television service available on several AT&T and Verizon smartphones. This personal television of theirs would be an iPhone-sized device built specifically for use on the FLO TV network. This (still unconfirmed) gadget is billed as having a swipe and gesture UI, capacitive touchscreen, and 4GB of internal storage. It will come with stereo speakers, so you can watch along with your friends.
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In terms of battery life, the Personal TV is supposed to be capable of 5 hours of video playback, or 15 hours of audio. It's also billed as having more than 300 hours of standby time. No information on price or release date has leaked out yet.