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I agree that Apple is probably waiting until all the stars and planets properly align... that's what they did with their iPod and iTunes. I'm sure they're waiting for color e-ink.
But the device will stall without products, so they will want an iBooks store to go with it, and hopefully come out with all kinds of content (not just books, in other words) for it. My money would be on subscription-based and single-sale pop magazines. If no one has such a store, they'll create it.
And if they don't believe a large enough of a market for both will exist, they'll leave it cold.
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