I think they are going to own up. I mean, even Microsoft called iPhone4 "Apple's Vista moment". Steve must have spit his coffee out and said "Oh crap! I have to make this right".
By owning up, they are not making it right. Owning up is for the mediocre 90% of the pack. Apple lives and dies by its perfectionist reputation, and "owning up" would shatter that asset. They will most likely announce something big to change the conversation, as someone else already mentioned. This way, they'll make us forget us fast, and this will be making it right for them.
I thought that by definition being a perfectionist means being cognizant of your mistakes. . . At the moment not owning up is making that asset a little toxic: "Apple think they're perfectionists but that's just because they don't acknowledge their mistakes" seems to be floating around right now
Anyway, that is what I am hoping.