The logic is sound. If you have built a walled garden in which your customers are locked in, why not give them a nice view while they are there -- maybe they will never leave it.

PiperJaffray claims that Jobs Mob is trying to work out a way to get its reality distortion field into everyone else's reality by building some specs.

Analyst Gene Munster writes that sources within the sector say the US company has a "small team working and exploring the augmented reality space."

Of course he predicts it will be a real game changer for the industry, just like the tablet and the iPhone changed our lives blah, blah, blah..

Of course he has no details to share with the class, Apple is saying nothing but the Tame Apple Press will of course speculate like crazy.

The note is specific about the differences between virtual reality and augmented reality.

Virtual reality is an immersive world and experience, usually akin to gaming. Augmented reality is, essentially, a rolling stream of information — be that data, emergencies, directions — all overlayed on a screen.

Munster explicitly draws a comparison to Google Glass: "Digital information on the physical world. For example, a product like Google Glass."

This would be hugely ironic if it is remotely like Google Glass. Apple CEO Tim Cook said that he always thought that Google Glass would "flop."

Of course if Apple made it, it is not clear where it would put the magic logo which would make it succeed.

If Apple does go ahead with it, it will be at least a decade before something arrives in the shops. It will only be then that Apple fanboys can finally retreat into a world where their products are value for money, high quality, super secure and actually worthwhile.