Keynote is technically a fancy press release.
Generally the CEO of company is up on a stage, explaining to those in the audience (be it share holders, fellow geeks what have you), of new product releases, company direction, new software etc.
I didn't see the Apple Keynote, but if it was anything close to what I am thinking, then it is pretty much a huge waste. It basically makes Apple look like the world should stand up and take notice everytime they release something. Even if it is a leather case.
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