The market research firm Piper Jaffray, has released a new report on Apple’s unconfirmed tablet/UMPC/netbook like device.

The report predicts the product would launch in 2010, and that Apple would sell about 2 million units by the end of the first year of its launch, generating $1.2 billion in revenue for Apple, or about 3-percent of total revenue in 2010. The product and hence the direct forward earnings are currently not considered in the Apple stock price right now.

Senior Internet research analyst Gene Munster at the firm says he believes the product will be marketed as an inexpensive computing solution for people to complete common tasks, but would not be marketed as a netbook.

The report also predicts the product would be priced 30%-50% lower than a MacBook, or about $600.

There have been more rumors swirling about this yet to be announced tablet device.

The WSJ recently reported that Apple was evaluating mobile device displays ranging from 4-12 inches in size.

In October 2008, Steve Jobs entirely dismissed netbook computers, saying Apple couldn’t develop a $500 computer that was “not a piece of junk”. However, that mentality seems to have shifted as very low priced netbook PCs pose a significant threat to Apple because of the higher-end market Apple exclusively targets.

Apple recently posted strong Q3 2009 earnings, posting $8.34 billion in total revenue.

See our previous coverage of the Apple tablet UMPC.

Note: Photo is only a concept and not representative of any actual product