Apple Unveils Revamped Apple TV

The rumor machine was right.

Today, as Apple CEO Steve Jobs took the stage at the Yerba Buena Center for the Arts in San Francisco, California, the Apple Store simultaneously went down, an indication that something, in fact, was coming.

In addition to rolling out an entirely refreshed line of iPods, Steve Jobs also premiered the new Apple TV, priced at an astonishingly low $99.

According to Jobs, the ambition behind Apple’s favorite “hobby” was to greatly simplify the digital media experience. Apple achieved this by dumping the internal hard-drive of the first generation Apple TV and making the new offering based solely on streaming content from Apple or your computer.

As a result, the new device 80% smaller than the original.

Apple TV has also upgraded to the A4 processor found in the iPad and iPhone 4. This will greatly enhance the quality with which people can watch live streaming content from the likes of Netflix, Youtube, MobileMe and Flickr.

Apple TV, while retaining the maximum output resolution of 720p, now has the potential to dramatically assist the revolution taking place in homes across America – a revolution that is permanently changing the way people absorb and access their entertainment content.

For now, Apple will employ a rental-only model for television shows and Hollywood movies.

The Apple TV will ship in late September but is available now for pre-order at the Apple Online Store.