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There's an article in USA Today that says an Apple TV, the long rumored product Apple is said to be working on, already exists in the wild.

Citing a source who used to work at Apple, the article said there is a 50-inch television set inside the studio of Jonny Ive, Apple's senior vice president of industrial design. It's very different than previous reports have said it looked like.

A previous report said that the TV set would be on the smaller side initially, with 32-inch and 37-inch models coming initially.  If the report about a 50-inch model is true, this might mean Apple has grander plans than anyone initially thought.

What the TV, or iTV, as some have called it, has in it, is anyone's guess.  It's expected that it will utilize Siri in some function, and will probably use Apple's own chips to run an Apple operating system.  It may even include wireless capabilities to sync your iPhone, iPad, and iPods with the television set, by utilizing Apple's AirPlay.

While no one doubts the ability of Apple (and inherently Ive) to create an aesthetically attractive product the masses will want and clamor for, the ability to bring content to the TV is another matter.

Apple had over $81 billion in cash at the end of Q42011, and acquiring the content to put on the TV is going to cost quite a bit of money, since Apple wants to be able to offer customers customized channel lineups, and do away with the cable package we're all used to.So far, content providers are thought to have balked at this, as they did with TV show rentals on iTunes.