Since Apple TV 2.0 launched it hasn't gotten much attention. According to AppleInsider, however, that's all about to change. The iTunes Store Terms and Conditions list has been updated in order to prepare for the launch of Apple TV 3.0. As far as we know, 3.0 will just be a software update, primarily designed to allow viewing of iTunes LP and iTunes Extras content.
The iTunes LP format is basically a normal album with added tracks, photos, videos, and other extra content. LPs were designed for the purpose of making full album sales more attractive to consumers. iTunes Extras is the same service, only for movies. It delivers bonus content for films purchased through iTunes.
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We still don't know when the 3.0 update will hit, but it's nice to know that it is on the horizon. With any luck, a hardware update will also be coming Apple TV's way before long. AppleInsider's article reminds us that Gene Munster has predicted new hardware within the next year. This update could be the first sign of a revamp for the line. Update: Apple TV 3.0 available now.