Until they can find the same processing power as the TigerSHARC chips for about $10 a pop it doesn't matter if they had every single line of code the Cliff ever wrote because they will never be able to put that much money into a single unit and still be profitable within their business model.
Two different companies, two different approaches, each works for their target and I honestly don't think that there is as much overlap as you'd think there would be at face value. I mean if someone really wants an AxeFXII they aren't going to buy a Line6 product instead unless they can't afford the AxeFXII in which case they wouldn't buy one in the first place.
As for what it could be I honestly have no idea what they could bring to the table that hasn't been done already by someone else. I mean they still don't even have IR support which is kind of the big hairy ass deal the last few years and if they did announce a product that incorporated the use of IR's how would it be revolutionary or groundbreaking? I think that it's going to be a new 'to them' type of announcement whcih may get some kind of function out to a wider market, but nothing that's earthshatteringly amazing to anyone who's been with Cliff the last few years.
Just my take.