I dont see anything thats missing in the market. Nobody wants a shiny white box that costs more than everything else anyway.
Apple are thriving in a recession market, by selling boxes/devices that cost more than everything else. Don't underestimate the power of design, and marketing to attract buyers. Plus, unless it's a complete lemon, millions of Apple fans would buy it, not to mention give Apple tens of millions worth of free advertising though word-of-mouth.
The only likely console though, IMO, is bringing iPhone games to a new AppleTV, perhaps with an accelerometer controller for games which require it.