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What Exactly Will Be in the Apple TV? (Update 2)

Updated from 12:41 p.m. to reflect portfolio manager comments and updated share price..

NEW YORK ( TheStreet) -- To say investors are excited about the Apple (AAPL - Get Report) iTV would be an understatement, with the consumer tech giant said to be prepping its latest, greatest technology.

With rumors about the new television set swirling around the blogosphere, we have decided to round up some of the more intriguing Apple TV chatter.

Channing Smith, portfolio manager at Capital Advisors Growth Fund believes an Apple-branded TV could be here as soon as this holiday season. "It could be very valuable to the Apple ecosystem. We don't doubt that the product . We think that Apple will be focused on the iPad 3 and the iPhone, but I can see it perhaps for the Christmas quarter in 2012. Apple has continued to deliver new products in new product categories, and we expect that will continue." Smith is long Apple shares and would continue buying shares at these levels.

This is what consumers could expect from the device, rumored to make its debut later this year:

What It Will Look Like

There has been plenty of speculation about the Apple TV's appearance. Some believe it will look like a larger version of an iPad, but a major question mark still hangs over the screen size. A Best Buy (BBY) customer survey on potential Apple TV features revealed that consumers expect a 42-inch screen.

There is, however, reportedly a 50-inch version of the TV in Jonny Ive's studio. There have been other rumors that the TV set would come in 32-inch and 37-inch screen sizes.

The Best Buy survey also said the screen could be OLED (organic light emitting diode) and 1080p. There has also been chatter that the television set will have a screen from LG or Corning (GLW - Get Report), using the company's new Gorilla Glass 2.

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