i've been thinking about this very topic as well. AAPL will have the software, most likely the hardware (iTV), but what they don't have is the content. Traditional cable / satellite providers have been the bundlers of that in the past, only to give up some room to the new class (Netflix, Hulu, etc.). That is clearly the way things are going and there is room for Apple to become the leader in this space, particularly given their track record and their $$$ warchest. I actually think it will hurt Netflix in the long run unless they become an acquisition target themselves (though this is probably unlikely if Apple can get the content deals directly from the providers.