If you remember the build-up before the release of the iPhone 3GS, you know that industry analysts are just as capable of being wrong as the rest of us. That said, they tend to know what they're doing and they usually have something interesting to say. Today market research firm Piper Jaffray (via AppleInsider) released a new analysis of the iTablet. They definitely had some interesting things to say.

First off, the firm predicted that the product will sell about two million units in its first year. This was based roughly on the year one demand for Apple TV (1.2 million). At an estimated $600 per tablet, Apple stands to make as much as 1.2 billion dollars from iTablet sales next year. That would be a total revenue increase of 3%.

The most exciting piece of news came from an Asian component supplier that the analysts interviewed. The report stated,

"Last week we spoke with an Asian component supplier that has received orders from Apple for a touch-screen device to be fulfilled by late CY09. This data point underscores our thesis that a tablet will likely launch in early CY10."

The firm also believes that the iTablet will have enough memory to be able to successfully multi-task with Apps. It will likely run on the iPhone OS, and we may see a new category of applications brought out specifically for the iTablet. Piper Jaffray estimates that the rough cost for this new product will be 30%-50% below the cost of the $999 MacBook. This would put it between 500-700 dollars.

(The above image is a mock-up created by Piper Jaffray based on the component leaks they have found so far.)