According to a previous reliable report -- Apple is working on a completely new Application that may be due as early as MacWorld San Francisco.
A new report claims that this new application will come in the form of a consumer audio application. The new app is said to also include a large library of audio clips (~3gb altogether). The exact details of the new application are unclear.
While the report hints that this would be a consumer application, recent rumors of a pro Audio application can not be ignored. Whether this new information necessarily applies to one or the other is not yet clear.