Apple sets powwow for Sept. 1; What to expect

Apple will host its annual "special event" to launch new iPods and potentially a new Apple TV.

The event, slated for San Francisco Sept. 1, will be sure to kick the rumor mill into overdrive. So far there are the following items allegedly on deck based on a bevy of reports (mostly with unnamed sources):

• A new iPod touch with FaceTime (highly likely);
• A $99 Apple TV with App Store (sounds plausible);
• Potential TV show rentals for 99 cents a pop (possible, but skeptical);
• Cloud-based iTunes (likely);
• An overhaul of the Shuffle (something I want and no one else cares about);
• New MacBook Air (total wild-card).

The headliner here could be a revamped Apple TV. Why? Piper Jaffray analyst Gene Munster said the new Apple TV would be a precursor to a full-blown move into an Apple television. However, you should note there's a guitar on the invite. That image doesn't scream TV.

The cloud-based iTunes would also be a notable item, given Apple has been building out its data centers. The execution of cloud iTunes would be closely watched. Munster wrote:

Apple is developing a data center in Maiden, NC that we believe could serve as the hub of a cloud-based service for iTunes content streaming to connected devices. The company has indicated that it is on track to be completed by the end of CY10 and it will begin using it then. We believe an announcement at the Sept. event is likely, but the service may not begin until late CY10.