After repeatedly saying that an iPod able to play and store movies is not such a good idea, Jobs has changed his mind and launched the video iPod, a device announced by experts and analysts since the beginning of the year.

The new device, iPod video, which will create a veritable media frenzy in the weeks and months to come, has a 2.5 inch LCD and is available in two versions: a 30GB one (priced by Apple at $299) and one that can store up to 60GB of data (available for $399).

As all the other iPod devices, the new video iPod will come in both white and black versions. (Analysts will surely start discussing over which color sells best).

In terms of video playback, the new star in Apple's portfolio is able to play to video standards MPEG 4 and h.264; it also has a TV output connector. (I bet that, in two days, there will be a firmware update to allow the user to view movies compressed with any kind of codec).

In Apple's vision, the video iPod will be used to play videoclips available through iTunes (which is now at version 6) and movies offered by Pixar, ABC and Disney Channel.