There is a very simple reason why Apple may never make a television. It turns out that the average upgrade cycle for a TV for the average American family is as much as 10 years or more. The last time people bought a 2nd TV was in the early 2000s, and the time before that was the mid 90s. It takes many years for people to upgrade a 1000 dollar purchase. And unlike an iPhone, a TV set will not be upgraded every 2-3 years. The margins and volume is just not there for Apple.
On the other hand, a solid Apple TV streamer that includes an intelligent over the air antenna that adjusts for the appropriate direction using a GPS and Gyro, that picks up HD signals and loads up a program guide would work well. Coupled with an iPad powered remote control as a way to stream video from apps via airplay, or a unique Apple designed video app that allows easy to access and manage video library could be a really amazing way for people to "upgrade" their DVD library to a modern cloud-based approach to video. A bundled intelligent, OTA AppleTV with an iPad could be the terrific upgrade to those HDTVs that are not "smart". The hardware required to make HDTVs "smart" and Over the Air HD savvy, with no installation and no tweaking could be the perfect way for Apple to enter TV.
No TV set required.