If Apple ever does release a console, one thing is for sure, it has to be different and innovative. It has to do things that MS, Sony and Nintendo don't.
One thing Apple could do is make it so that all the games released for their console also work on a Mac as well as the iPhone. So when you buy a game with an

logo on it you can rest assured that it will work on multiple devices. Of course there will be some differences between each version, like resolution, etc. But todays DL DVD and Bluray disks have plenty of room for them. Plus it can LAN with a Mac for multiplayer. Much easier than caring your Mac Pro to your friends house and TV's are bigger than laptops screens.
Another thing the console should have is a stripped down version of Apple's current OS. So if Apple ever want's to release a keyboard, mouse, joystick, faster modem, etc. the software is already there. Plus, as far as total OS market share goes, Apple's OS would increase. Also consumers could see a glimpse of Apple's OS without buying a more expensive Mac and might possibly switch down the road.
The console can have a user replaceable hard drive that can be upgraded to a larger one and the old one can fit into a Mac desktop. If the console proves successful and a console II is released that can play console I games then the old hard drive can be put into a Mac instead of creating more waste.
Of course it should have online goodness. It can have a version of Safari to browse either an expanded version of the iTunes store or a new

store all together. The point being that you can get your game on without having to go buy a $50USD disk. And I'm talking new and used games.