Previously the site had heard that the device would cost $99, would have similar components to the iPhone 4, and would not have a hard drive but instead use streaming from the iTunes cloud.
Now they've heard that, apparently the box won't be capable of handling (or enabled to handle) 1080i or 1080p video. Instead it will only push out 720p clips. The word -- and cause for much internal debate, we're told -- is that this has something to do with the A4's inability to crank on higher resolution content, but we don't see how that's possible considering the iPhone 3GS could play back full HD video. Furthermore, the device will be getting apps and presumably an App Store entry, though it's unclear if there will be cross-pollination between iPad and iPhone / iPod touch offerings and new Apple TV applications.
Also Apple is said to be officially changing the name of the device to iTV. This sounds like a good move since many refer to the current Apple TV as the iTV anyway.
A reveal is expected this fall. Hopefully at the September iPod event.