When Apple first introduced the Apple TV back in 2006 it was codenamed "iTV".  When the device finally shipped in 2007 it was renamed to Apple TV, and the jokes were born about how an Apple product that wasn't performing so well had become Steve Jobs' "hobby", so it really didn't matter how it sold.  But, lets be honest, you know this has been annoying Jobs, and he can't stand the idea of a product not doing well, so of course he's going to do something about it.

apple tvWe first reported back in May that it looked like a new version of Apple TV was being prepared was being prepared for release.  It reportedly was going to be about the same size as an iPhone, and would also switch over to running Apple's iOS which would mean it would be getting support for apps.  Since that time not much else has been said about it, but now Engadget is reporting that we are indeed close to its release, but not everything is happy in the world of the new device.

According to the rumors, yes, the new Apple TV is coming this fall, but somehow it is losing support for both 1080i and 1080p video.  We're not sure why it would be taking such a major step backwards, and some sources say it is because of the A4 chip that powers it, but that doesn't hold water as the iPhone 4 is able to push high-def.  Apparently the new version of the Apple TV will only be able to support as high as 720p, which doesn't make a whole lot of sense to be honest.

As for a funny bit of news, as we said, the original Apple TV was code-named iTV back at its introduction.  Well, apparently, the new version will be named … you guessed it, iTV to better fit in with all of the other "i" devices.  Amazing how things come full circle.

No word on a release date yet, but with an Apple event sure to happen in Sept. to announce the new iPods, we wouldn't be too surprised for the iTV to make its debut.

What say you?  Are you disappointed by the lack of 1080 support?