To be honest everyone posting about is wrong. Apple already has a home console, so the real question is how can they develop and grow from their humble beginnings into something more? What console? iPad console! Video games are already the leading category on iTunes for applications so the quantity of dollars spent on games is pretty clear. So to say that they have to punch their way into the industry is pretty naff, they are already here and they came through Reggie's back door. 
At the moment the iPad is just a beefed up phone platform. However im pretty sure that from Q1/Q2 2011 they'll have a significantly more powerful version built up which will be able to output to TV, has a camera and more RAM. This will be the home console to challenge all, you can pretty much call the iPad 1.0 as the beta version.
Tease.
