I'll bite.
The device doesn't really need an update. It's a low cost networked streaming device that provides 1080p output on HDMI.
It's low power and perfect to be an 'always on' hub for other household devices. It's perfectly logical for it to take on the Home Automation role since it already has the ability to have a visual interface on a device almost everyone has - i.e the TV. It also doesn't need instructions - it's pretty much plug in and go.
What else does it need to do?
Bingo.
I suspect once HomeKit is all official and Apple is advertising such, we'll see them release Apple TV 4 (box). This won't piss off the Apple TV 3 users (still compliant), and give us pre-Apple TV a good reason to upgrade.
Making this a hub is pretty smart and very Apple of Apple. Another hardware requirement to navigate their ecosystem. Smart bastards.
And I do not see any reason for them to ever release an Apple-branded TV.