The Apple Event is taking place as we speak and we’ve already brought you news of the new iPod Touch 4G, the new iPod Shuffle and also the big news that iOS 4.1 will be available next week with iOS 4.2 due in November. Steve Jobs is still giving his keynote and has just said those traditional words, “one more thing”, and this has led to the announcement about Apple TV.

Although it’s acknowledged that Apple TV as launched in 2006 was not exactly a big hit the revamped version is really big news. It’s a small matt square which is 1/14th the size of the original Apple TV, according to Apple Insider, and will be available in more countries this year and the real revelation is that it will be an all rental model. Paul Miller over on Engadget reports it will have HDMI, Ethernet and optical audio and there will be no local storage.

You’ll also be able to have streaming HD TV rentals from Fox and ABC that will only set you back 99 cents. There’s also the speculated venture with Netflix as we mentioned earlier today, where you’ll be able to stream content and other features such as reviews from Rotten Tomatoes and watching videos from YouTube. AirPlay is the next announcement meaning that it will be possible to stream from an iOS device direct to your Apple TV.

The cost will be $99, and it’s available for pre-order today with the release date is estimated at 4 weeks away. For more on this go to engadget.com. What do you think of the spanking new Apple TV? We think it sounds pretty good but want to hear your thoughts so please do send us your comments.

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