Could be. It might help lower the cost of the tv since it would reduce the complexity and number of components.
On the flip side, it would likely make the tv a much more closed system. So it may not be able to be hacked/modded to run other codecs and such like has happened with the PC-based current model. Of course, that would likely appeal to Apple...
Intel just took the official wraps off their Canmore HDTV system on chip described as a "CE system and an Internet system." Available in the second half of 2008, it will feature a powerful PC-class processor core with "leading edge" A/V processing that can plan 1080p video and serve up 3-D graphics with 7.1 surround sound. Expect to see them in future set-top boxes, media players, and TVs.
Nothing is stopping Apple from updating the current TV at MacWorld with features folks want that the current hardware can support so new folks buy and current folks upgrade.
Then next year launch the new Canmore-based TV, forcing all of us who bought the new one shown at MacWorld to upgrade to this one.