Engadget published a news about a possible update of the Apple TV set-top box. A short list of proposed changes includes the use of iPhone / iPad-like components (in particular, an A4 processor), flash memory (16 gigabytes) instead of a hard disk, and iPhone OS instead of lightweight OS X. It is also assumed to receive media content from the cloud instead of local storage.
Free translation of the relevant news can be found under habrkat.

If you thought that Apple’s attempts to realize themselves in the home entertainment world ended with the last iteration of Apple TV, then you were mistaken. The Engadget editors received information about the details of the next version of AppleTV, which was confirmed by a source close to Apple. According to sources, this project was in development long before the announcement of Google TV and is closely connected with Apple mobile technologies. The new device architecture will be based not directly on the iPhone OS4 using an A4 CPU and 16 GB of flash memory instead of a hard disk. Thus, the device will be able to play FullHD 1080p video. The device promises to be very compact, and have a minimum number of ports (connector for connecting the power supply and video output). It can be described as "iPhone without a screen." In accordance with the sources, the price of the device will be $ 99. Once again - a hundred bucks.
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In addition to the small cost of the device, there is information that Apple will move away from the concept of storing data locally and focus on using cloud storage. For those who still want to store their media content locally, it will be possible to use the Time Capsule for these purposes, but the main method of obtaining content will be its streaming broadcast. The new Apple TV instead of the light version of OS X, will use the iPhone OS as the basis. It is not yet clear whether the device will come to the device along with the iPhone OS and the App Store, but this would be a logical step. Although, of course, stretching iPhone applications to your 52 inch plasma can cause a couple of questions. Apple will most likely not present an updated device at the upcoming WWDC conference as It will be devoted mainly to the new iPhone. But product development is well underway.
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EngadgetUPD: Thanks for the karma, article moved to the Apple blog