I was really hoping for a new Apple TV hardware update. Oh well.
The timing is wrong for an Apple TV update.
Apple's margins on the Apple TV hardware is pretty low, then need to reduce costs, possibly by switching from a multi-chip Intel architecture to an ARM-based SoC (System-on-a-Chip) from P.A. Semi. In order to do that, they would probably write a new operating system, something in between the iPhone OS and Mac OS X.
They just wrapped up the Snow Leopard 10.6 release and its support for HTTP Live Streaming, so it's possible that they can focus attention on this new operating system and the developer environment required for a new platform. That takes time, so would think sometime in the spring of next year, the required pieces (new silicon, new OS, new SDK) would fall into place.
Also is the question of content. Apple probably needs to renegotiate contracts with Hollywood and add missing providers such as HBO. These negotiations take time and again, I think six months from now we could expect some changes.
Right now doesn't make sense after a major operating system release.