It wasn't long ago that Steve Ballmer was laughing off Apple's iPhone ambitions, hinting not-so-subtly that Microsoft had more important matters to take care of than designing spiffy handsets and touch-screen devices.

Now, however, it appears that Microsoft is ready to take a swing at Apple's end of the portable electronics marketing. First, there was the Zune HD, the company's attempt to unseat the iPod touch. Now, there's word that Microsoft could be going after more Apple devices, including one that doesn't even officially exist yet.

Multiple reports are pointing to the development of two new devices from Microsoft. The first project, code-named Pink, focuses on the development of a Microsoft-branded handset which would join the growing list of touch-screen handsets which vie with the iPhone for a share of the smartphone pie. A fresh series of rumors now has two devices in the works, each set for unveiling at the CES conference in early January.

The second project,perhaps even more interesting, is said to be a tablet. The device is reportedly being done as a collaboration with several different branches, including the team behind Mcirosoft's touch-screen 'surface' device.

If that too were to make its debut early next year, we could be in for a very interesting 2010. Apple is also believed to be putting the finishing touches on a nifty touch-screen tablet of its own, and the prospect of major competing hardware releases from Apple and Microsoft hitting the market at the same time is sure to keep the gadget blogs, review editors and company fanboys tossing and turning at night with dreams of feature-length device comparisons and big sparkly "checklist" charts.