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As I think about this, I am visualizing a very faint background “watermark/wallpaper” layer showing labeled keys, buttons, etc. which could change state when tapped with fingers from the back of the device. I could imagine the layout of such a layer being changed for different application/usage contexts and be visible but unobtrusive behind the main display elements of an application. This could explode the degree of interactivity and the options for interactivity if thoughtfully designed. Plus, it would be very novel.
 
bumps on screen for a software fixed keyboard

Ok, let's talk about science rather that science fiction. What do we have in the market that can be usable for such a "physical interface" to think on?

1. OLED FLEXIBLE DISPLAYS
2. IPHONE OPERATIVE SYSTEM

As flexible as an oled display can be it will NEVER be 5px precise. I would say at least 3 to 5 mm square, so around 20*20px square. I find it very difficult to use that kind of technology that changes dynamically without loosing a lot of precision.

So my guess is that it will be a FIXED, NOT MOVING bump keyboard.

All of us know the IPHONE KEYBOARD. It is always at the same spot.

So i find it more realistic that the bumps of the keyboard will slowly pop out as soon as the fixed on-screen keyboard will show to perfectly match the keyboard.

But while i'm writing this, I ask myself: why the hell should apple build such a useless device :D
 
Different take.

"you will be surprised how you interact with the device"

Let's think about this from another angle. That word interact might not mean the way we physically interact with it, it could mean the way we use the device to interact with other devices. What if it was a new way to interact with our lives through other computers, iPhones, iPods, others "slates" and the big one TV. I watch a lot of TV online and often say way can't my TV be as interactive as this? This "slate" device needs something to set it apart from other devices and this could be it. It could actually bring new life to AppleTV and give it a reason to be.

Just thinking this could be a bigger way to think about it.
 
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