Piper Jaffray Apple analyst Gene Munster says Apple is definitely releasing a TV-- one with Siri integration, an App store and typical Apple design.
It is a question of "when" not "if," Munster insists. And "when" will Apple release a TV? According to the analyst, H1 2013.
However Apple still has to tackle one sizable problem-- content providers. While Apple wants to provide "unbundled" content (perhaps offering subscriptions to individual channels through the iTunes store), the cable industry refuses to let that happen.
As Munster puts it, "...while we believe Apple will innovate on its existing TV content offering at the launch of Apple Television, we caution that the initial offering may more closely resemble the current Apple TV content offering (Netflix, iTunes, and eventually Hulu)."
One can also expect "a new way to search, interact and record cable content."
The rest of Munster's predictions are fairly obvious-- Siri integration, control via iDevices, iOS-baed apps and slick Apple industrial design. The panel of choice? LCD, in 42-55-inch size.