Pico means "little' in Spanish. Or one-trillionth according to a definition I dug up. So, Macrumors along with other blogs this morning are wonder why Apple registered this the domain, www.applepico.com.
So, what can it be? The speculation is that Apple could be considering adding pico projectors to the iPhones but I higher doubt that Apple would consider registering a domain name just for a specific feature.
There are two possibilities.
More at On Apple.