After skimming through the comments, I would like to add the following thoughts.
1) With iOS5 coming out this fall with a completed airplay, the stage is set for living room domination.
2) 1080i iTunes is coming (IIRC)
3) Most people use their receivers for nothing more than a video switch and 7.1, the age of the receiver is done, but no one has realized it.
4) TV's suck for sound as vendors protect receiver business, apple does not have a receiver business to protect.
5) With Jonathan Ive, who in the heck is going to rebrand jack????
6) Many of the flagship stores are being remodeled/expanded, why, media rooms to demo a TV??
7) Big push for bigger new Apple stores, again, TV sets to show off??
Apple is not going to create a me-too, rebranded thing, I suggest they are in the perfect position to make most of the wife's in America happy, a single remote control.
Create a gorgeous, minimal bezel TV with a single wire down to a modest mac mini/second gen apple TV box, minimal size for heat dissipation from reasonably good sound. That box would have 7.1 audio outs, 3-5 HDMI in, Ethernet, 802.11, USB and maybe IR out, and maybe an analog input. And of course an A5 based apple TV built in.
As with everything thing else they done, from the iPod, Touch, iPod Video, iPad, Macbook Air, they waited until just the moment when they could introduce a revolutionary product. I suspect this fall/winter is the time for a TV.
Considering it will be a new niche, with the capabilities and good sound, Apple margins will be decent. And it will be a gateway for more iPad, iPod and iTune sales.
