Well it happened to very little surprise, but Apple has officially announced the iPod with Video. It’s the same height and width as the current 4th gen iPods, but just a tad bit thinner which makes sense considering the shrinking density of mini-harddrives. The screen has a 320×240 pixel resolution, 2.5-inches in size and 260k color display. The new iPod offers over 20 hours of battery life and supports playback of H.264 and MPEG4 formats at 30fps.

It will come out in two versions: 30GB and 60GB. Prices are $299 for the 30GB and $399 for the 60GB version which holds 150 hours of video. They are planning to ship both in one week (*cough*).

Due to popular demand the new iPods will also offered in black and will come with a nice plastic sleeve carrying case. Oh and it offers TV out…so…freaking…cool.

So what exactly has Apple done? They have come to dominate the portable media space with a single device. One that can do music, pictures and now video. Everyone looking to find what the definition of Web 2.0 is missing the whole point because Apple is driving the new economy with products that people want and will use. That’s what the new economy should be about.