Oppenheimer mentioned that Apple is transitioning products and that it will impact their projected revenues. Is this Lion/MBA/MB/iPhone? If so, how would that lead to a softening of revenue?
I would guess that the transition involves the iPhone 5 (or 4S or whatever you want to call it) - announcing the iPhone 5 will kill iPhone 4 sales, and Apple always seems to have trouble meeting demand at product introductions so product constraints will probably mean lower sales/revenues.
However, I think iCloud is going to require a lot of capital expenditures. It's going to be free and will likely be utilized by nearly their entire existing customer base along with any future customers. They are probably preparing Wall St. for that.