From what I saw at the mesh conference earlier this month, the netbook – a small, lightweight, no-frills laptop – has huge potential among people who want something that sits between a regular laptop and a smartphone.

To date, the netbook has yet to capture the imagination of consumers even though Acer, for example, has made some inroads with some interesting and low-cost products.

The 600-pound gorilla sitting in the corner is Apple. If Apple moves into the netbook market, the netbook suddenly gains huge validation and traction.

Yesterday, Apple COO Tim Cook did a great job dismissing speculation Apple is working on a netbook. (Hat tip to VentureBeat for the quote)

“For us, it’s about doing great products,” Cook said yesterday. “When I look at netbooks, I see cracked keyboards, terrible software, junky hardware, very small screens. It’s just not a good consumer experience and not something we would put the Mac brand on. It’s a segment we would not choose to play in.”

Translation: If Apple is going to enter the netbook market, it’s going to be a product that is well-designed, user-friendly and reasonably price (as opposed to cheap). The last thing Apple wants to do is burst onto the scene with something that fails to resonate with consumers.

In some respects, the netbook market is sort of like the portable device market that Apple tried to carve out with the Newton. Despite the Newton’s innovation, Apple got into the market far too early, which went a long way explaining why it bombed.

My sense is Apple is happy to wait on the sidelines while others battle to create the netbook market. When the time is right, do not be surprised to see Apple burst onto the scene with a cool netbook that sells about $500 to $750. When that happens, there will be so much pent up demand, Apple will steal market.

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