Exactly. You don't necessarily have to be the first out of the gate with a good idea to be a success. Apple's on a goood roll with the iPod, they should leverage that where possible. A PVR would be perfect in my opinion. Logisitcally, a lot more complex because the "TV" landscape is a confusing mess right now in North America, let alone looking at the rest of the world.
A good stand-alone consumer-orieented product would have no competition in the global marketplace either. TiVo is the only brand that has been marketed and/or distributed in both NA and Europe (and then only USA and UK). MS is doing it now, but as mentioned before, way too expensive and not (novice) user-friendly.
Bruno