"Assuming Dell isn't planning on becoming a software licensing operation,"

When you consider - and you will - that Dell's most recent acquisition was ASAP Software ("one of the world’s leading software solutions and LICENSING experts" according to Dell's site), you might want to rethink that assumption.

Surely a Zell with iDunes?

The price point for this hypothetical player will have to be around $30 US if it's going to sell in the 3rd world market that all the computer makers seem to think of as their saviors. Otherwise why would Lenovo come out with a $199 computer? I would imagine that all of the electronics makers are taking the position of accepting razor thin margins and making up for it in volume. Talk to American grocery stores about the viability of that concept and what happens to branding and brand loyalty.