The bottom line is that, no, Apple will never ship a dumb TV. They’ll ship a very powerful, internet appliance computer and call it a TV.
More to the point, all the content consumption and communication features available on smaller Apple devices will be available on the iTV — iCloud, FaceTime, etc. And the iTV will do things smaller devices can’t do — distance user interfaces, console-quality video gaming, etc. And they’ll probably always have an Apple TV box that brings most of the functionality of their iTV to any TV.
In other words, the iTV will be just another beautiful, powerful, elegant Apple computer, and we’re all going to want one.