9:26: Steve's just announced that the real name for iTV is actually Apple TV!
9:27: USB2, Ethernet, WiFI, HDMI, Component, Stereo inputs.
9:29: You can store 50 hours of videos on its 40GB hard drive. AppleTV can stream up to five computers.
9:31: Streaming theatrical trailers from Apple.com. The quality's actually pretty good at 720p.
9:34: Apple's showing off some Zoolander and Heroes clips from the Apple store.
9:35: By the by, the AppleTV logo is an Apple logo next to "TV".
9:36: Demoing music, photos, slideshows (moving). Which actually seems to have facial recognition like the PS3 slideshow.
9:38: Phil Shiller's brought his MacBook over to stream up an episode of Heroes to the AppleTV.
9:39: $299 for AppleTV.
9:40: Taking orders today, shipping Feb.
9:40: He's talking about SOMETHING NEW! Coming up in a sec...