Apple has renamed their popular Apple TV to iTV and now we have got our hands on some rumors revealing iTV specifications and features.

According to the rumors about iTV, the device which would be sold in the market for probably 99 bucks would run on A4 processors, the same hardware used by iPhone 4. The device will pack 16 GB of internal storage and on the top of that, it would also support cloud based iTunes support, so all you would need is extra bandwidth for streaming instead of extra space for storing your TV shows and movies.

The downside of this new product would be its inability to play 1080p/i videos, which means that iTV would only be capable of playing 720p HD videos. The reason explained for this factor is related with its processor, which doesn’t ‘seem’ to be capable of supporting 1080p videos. This doesn’t seem appropriate at the moment, as iPhone 3GS can play 1080p videos easily using the same processor. Rumor also has it that the iTV would have its own App store. Only time would tell what it would offer.

Stay tuned to us for more details and info about iTV (aka Apple TV) as it leaks or being announced by the company. You can also consider to join our new twitter or facebook page to stay up to date.

[via Engadget]