Looks like Apple still has a few surprises in store for Friday.iTunes 7.3 is listed as a requirement for the iPhone but has not yet been released by Apple. Reportedly, the new version of iTunes will allow you to convert any song that is available on iTunes into a ringtone with the "Make into Ringtone" feature. The cost for this service is $.99, however. It's not clear based on information available whether or not CD-ripped songs can also be easily converted or this is specifically an iTunes Store feature.
When a song is selected for conversion, a "garageband like" interface comes up to allow you to pic the 30 second clip you want.
Forum member FreeState noticed that Apple's Question/Answer list now shows an image of iTunes with 8 tabs (vs 6 in the video)