It's not too late in the day for a little rumor talk. Engadget is reporting that the upcoming Apple TV will lose the previously rumored 1080p playback ability, but will gain a slew of its own kind of apps. Also, Apple TV is ditching its former name, as it will now be referred to as iTV.
The new set top box should cost $99 and come equipped with the same innards as the iPhone 4, as well as 16GB of flash storage and a new iTunes streaming service. Which is great, but what's the deal with no 1080i or 1080p video? Instead, it will only be able to handle 720p clips. It's alleged that the iPhone 4's A4 processor isn't enough to handle the output of such high resolution video, which makes us a little teary eyed.