When he wasn't unveiling the iPhone, Apple chief executive Steve Jobs used his MacWorld 2007 keynote address to slam his competitors and report on the progress of the products announced at last September's Showtime event.  

Jobs told the crowd that the 'iTV' device will be released in February under the name 'AppleTV'.

He further defined the specifications of the device, which will include a 40GB hard drive and 802.11b, 802.11g and 802.11n wireless connectivity.

Jobs said that the AppleTV will be able to wirelessly sync with one computer, allowing it to download iTunes music and video files, and wirelessly stream content to up to five computers.

In addition to the wireless connectivity, AppleTV will be able to output content through either HDMI or composite video outputs.

AppleTV is set to ship in the beginning of February. The company is currently taking orders for the device, which will cost $299.

Jobs also lauded the success of the iPod and the iTunes store, claiming that Apple had crossed the two billion iTunes download mark, and that the store currently distributes five million songs every day.

"That's 58 songs every second of every minute of every hour of every day," Jobs said.

Jobs also announced a pair of milestones for the iTunes video store, claiming that over 50 million TV shows and 1.3 million movies had been purchased and downloaded through the store.

The Apple chief did not miss a chance to poke fun at Microsoft's Zune player, which has trailed the iPod in sales this holiday season.  

"We always have stiff competition, and that's just part of this business," said Jobs, somewhat tongue-in-cheek. He then went on to display a series of graphs showing iPod's market domination over Zune.

At the conclusion of the keynote Jobs announced a name change, highlighting the increasing role of non-computer devices such as the iPod in the company's business.

The company will drop 'Computer' from its name and will now be known as 'Apple Inc'.