[Eugene]

So...what does this mean anyway?

Apple IPTV?
Well it would be nice to see Apple implement a way to distribute live TV over iTunes, but scalability is a huge concern. Imagine an infrastructure built to withstand the single-day onslaught that is the Super Bowl, yet still be economical every other day of the year.

Apple branded cable/telco DVR?
Apple and cablecos/telcos wouldn't be able to partner with each other. AppleTV competes directly with OnDemand, and it wouldn't make sense for Apple to build another box minus AppleTV functionality.

Apple DVR interface for existing DVR hardware a la Comcast TiVo?
Probably not.

Personally I'd love to see Apple be able to release first-run TV shows and live TV via streaming protocol as they appear on a traditional television schedule, and be able to organize my downloads or timeshifts remotely via my iPhone.