I'd like to see a Blu-Ray put into the AppleTV (which, once again, would probably never happen).
The

It already has HDMI so a couple of fees are built-in to start.
the other half of equation is the content control encryption.
which it already handles in iTunes content. Plus the nVidia chips it would use also deliver some handy tools in that front as well.
It's a sealed device (well sort of) even if it runs o OS X it's unique build so it makes a idea test bed.
Plus they only need to pay the fees on this one device. So they only have to pay up for the customers who want it.
It's a much smaller "world of hurt", although that comment seemed political, so who knows what may have happened in the background.