I mean if you think about it, it will have retina display and definitely run iOS as that seems to be the future of all Apple devices. It will be a giant tightly controlled screen size (at most two display sizes) and resolution ecosystem where developers will be able to develop apps just like how they do now for the iPhone and iPad. There will be apps from various TV channels and content developers that you can choose on screen and stream your favortite TV shows and movies in demand. Apple will obviously put in their own iTunes tied video library app like the Bookstore/Newstand. The TV will be Bluetooth enabled to use either an iPhone or iPad as remotes. It will have an HDMI in to hook up your cable box to it (I can't see how Apple eliminates this and relies purely on apps for streaming content). That will just be too radical of a change for people to accept. It could have more inputs for hooking up Xbox or your DVD player, but I doubt it. Apple will probably use the lack of inputs as a way to force people to buy more games and movies through iTunes on the TV itself thus making 30% if all those sales. It will obviously have a front facing iSight camera that will have some cool feature like panoramic pan or something that will let groups of people FaceTime through the iTV. These are just a few of my guesses, but I think they are all plausible.