Updated from Sunday, 7:49 p.m., eastern, to add video reaction from TheStreet's Chris Ciaccia and, on page two, Apple's current stock price and additional commentary on gold iPhone rumors.

NEW YORK ( TheStreet) -- So, the latest Apple ( AAPL) rumor comes from a relatively credible source, MG Siegler over at TechCrunch.

Long story short, it's a gold iPhone. Initial reaction from the tech-geek ether, gold is big in China, therefore a gold iPhone would be big in China.

Maybe this is true. And maybe Apple will sell a billion gold iPhones to a billion Chinese in China and abroad. If, however, you have anything resembling a long-term field of vision for this company, you best be concerned.

Writing for Business Insider, the clever Jay Yarow referred to this as "Apple's Next Great Innovation ..."

I can only hope he is being sarcastic.

I knew Apple would change when Steve Jobs died. It was inevitable. Expected. And, to some extent, preferred. That said, I never thought I would see this sort of gimmicky, short-term pathetic attempt at stealing low-hanging market share from this company.

The only good Apple rumor I have heard is that the company will stick to what it does best and produce a television set/set-top box combo, focused not on content, but on design and user experience. The stuff that brought Apple to the dance. That would help keep Apple's halo effect alive. And it would show that Tim Cook hasn't forgotten -- assuming he even knew in the first place -- where Apple came from.

Updated on Page Two.

In the video that accompanies this article, TheStreet's Chris Ciaccia says he likes the idea of a gold iPhone. He downplays the "bling" factor, noting that it will be more of a champagne color. Cosmetics aside, Chris's larger point is that Apple has a history of adding color to its products. We saw this with early Macs as well as iPod. And now it innocently reappears with iPhone.

I'm a somewhat logical person so I can get with the notion that these not-so-innovative tweaks to existing products -- good or bad ideas -- do not render innovation dead at Apple. Simply put, just because Apple does some relatively boring things doesn't mean there's nothing exciting, new or different in the pipeline.

However, the same logic begs the question -- What if that is the case? And that's really what sits at the heart of my writing on Apple. I'm not here to bash the company as a handful of peanut gallery permabulls contend. I just want to take the conversation beyond the standard It's Apple so everything's going to be alright rhetoric.

Make no mistake, that's not what Chris Ciaccia practices. We have conversations almost daily that examine a world of possibilities. But lots of AAPL bulls want to keep the company beyond reproach. And that's just not a good way to go about things as a thinker and certainly not as an investor.

That said, at this point, if you use the stock price as judge and jury (I don't), I'm wrong. Just before Noon Monday, AAPL is up more than 2% at $512.75. AAPL hasn't traded that high since January 23rd of this year.

It's also worth noting that, no matter who reports these things, they're still just rumors. Apple may or may not be ready to unveil a gold iPhone or a cheap or one with a larger screen. We don't know. My personal hope is that they'll continue to evolve features on their existing products -- they don't need to be revolutionary -- and hit the space where they can make the most impact. The living room. With the sort of game-changing hardware that brought Apple to its present point of dominance.

-- Written by Rocco Pendola in Santa Monica, Calif.

Rocco Pendola is a columnist and TheStreet's Director of Social Media. Pendola makes frequent appearances on national television networks such as CNN and CNBC as well as TheStreet TV. Whenever possible, Pendola uses hockey, Springsteen or Southern California references in his work. He lives in Santa Monica.

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