When I saw The Matrix for myself, I couldn't help but notice, as things progressed, that being "the One" seemed to not be an inherent thing at all, as Morpheus, Trinity, and most of the rest seemed to assume, but a state of mind. With that in mind, two revelations about what the Oracle said to Neo came to me:

  1. When she claimed that Neo was not "the One", what she said was true -- at the time. Note that she said next that he seemed to be waiting for something.
  2. The part in which Neo broke the Oracle's vase after she apologized for it ahead of time ended with a suggestion on her part that he might not have done it if she hadn't said it would -- a reference to the concept of a self-fulfilling prophecy. Did she merely say that "the One" would be "reborn" because she knew that the resistance needed someone who could reach the state of mind necessary to exercise control over the Matrix?