I would rather see Apple take an iPod Touch/iPhone take on the Apple TV first. The Apple TV is a cool device, but if it had a full blown app store, I think it would COULD do amazing things. Perhaps Apple is planning on releasing the two together?
The thing is, they need to leverage the creativity of programmers, amateurs and professional, to revolutionize that industry. So far, I haven't seen anything jaw dropping since Tivo, and I don't use Tivo.