Panasonic just reported a 10.2 billion dollar loss on their TV business and decline in sales by 40%. Samsung spun off their display unit. Sony is floundering. Sharp isn't doing well either...This is a very low margin business with a race to the bottom. Why would Apple want to get involved? A TV is not a bi-annual gadget.
Apple will need to revamp the TV business model indeed. That is exactly what they are trying to do. Technicly Apple could release a smartTV right now, but the revamp of the business model is whats stalling them.