Apple already has an Apple TV set top box that it sells. Google ( GOOG) competes in this area, though with muted success. Reitzes believes Apple is working on a new service centered around iOS, iCloud, and iTunes to enhance its television, making it far different to offerings from Sony ( SNE), Panasonic ( PC), Samsung and others. "We believe that the Apple version of TV may evolve into a product that is "always on" with the ability to display a variety of messages, and other key information as well as even act as a video conferencing device," Reitzes wrote.

Many believe that Apple will offer a device that includes FaceTime, App Store, Siri and iCloud, as well as a host of other features that would make users pay a premium price for the set. Piper Jaffray analyst Gene Munster believes consumers will pay as much as $2,000 for the device. "We believe Apple will launch a TV in time for the 2013 holiday," Munster wrote in his report. "As we have previously discussed, we expect a $1,500-2,000 MSRP (Manufacturer's Suggested Retail Price) with screen sizes in the 42-inch to 55-inch range." He rates Apple "overweight" with a $900 price target.

Whatever the company offers in the Apple television set, it will no doubt be the subject of intense interest and scrutiny. At this rate, it seems like "one more thing" is right around the corner.

-- Written by Chris Ciaccia in New York

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