Aside from having a hilarious name, the phablet phenomenon has been an interesting development in the rise of smart devices. One part phone, one part tablet, these devices occupy a gray area between the two form factors and have done so with extraordinary success. According to Reuters, it now appears Apple (AAPL 0.53%) is at least experimenting with this smart-device trend. Of course, this would have all kinds of implications for Apple, its competitors, and investors in this space. Fool contributor Andrew Tonner explains what's happening and how investors should interpret it in the video below.