Heck, people are already calling this thing iTV as if it’s already launched. It hasn’t but the word on the street is that Apple has teamed up with Sharp to produce components for the mythical device. From All Things D:

Over at Jeffries, analyst Peter Misek suggests Sharp is retooling a production line at its factory in Sakai specifically to manufacture modified amorphous TFT LCD panels that will be used in the so-called iTV. If all goes well, the line should be ready for commercial production by February of 2012, which means we could see Apple’s take on the TV by midyear.

What will the TV be? Well, if you knew the answer to that every other TV manufacturer in the world would be willing to make you very rich because they’re freaking out right now. Other electronics makers got flat-footed with the iPhone, then they got caught with the same flat feet on the iPad, and the same thing could well happen here. If it does, the other manufacturers of the world will likely be a year or so behind the smart TV wave and scrambling to catch up, TouchPad style.