Indeed, an Apple-branded TV makes sense. Video-streaming services--Netflix in particular--have with consumers. And excluding iTunes movie and TV show rentals, the living room represents a largely untapped market for Apple's well-stocked online store, the App Store in particular. FaceTime, of course, would be a natural for an Apple-branded set with an integrated HD camera.

Another possibility is that Apple's rumored Smart TV won't be an actual television, but rather a standalone device that connects to your HDTV--sort of an Apple TV on steroids. When you consider that millions of consumers have already upgraded to big-screen HD sets, the later approach has its merits.

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