This topic has been speculated for a long time. The corporate giant has a foothold in everything technological these days, EXCEPT for video games, and I know Apple has considered the idea. Apple has a huge resume in the electronic universe; and, if they want to complete their ultimate goal of taking over the universe, gaming is where they should set their sights next. That sounds like a recommendation, and in fact, it is.
Apple would be in an interesting position if they did decide to make a console. Would they even have a change against the hardcore systems (ie Microsoft and Sony) or would they would take aim at motion control? Or even go handheld and challenge Nintendo's dominance? There is a lot of choice and I believe they have the chops to challenge at all levels.
Anything the company releases these days gets huge fanfare, even minor updates for the iPhone are highly anticipated. The amount of buzz a game console could create is astronomical. Everyone would be talking about it, what features could be showcased, iTunes integration, and most of all the name - (that's actually the main reason I am writing this blog post). I am saying it here, if Apple was to ever release anything video game-related, it will be called in iPlay. Anyone smart would trademark that name now.
They could make this console not just a console, but an entertainment centre. The possibilities are really endless - Apple has so many services and products out there and this box could serve as a hub necessary to handle the interconnectivity of these devices. (That was a mouthful even to type). The console could also be marketed as the "next generation" of consoles, seeing as all of the current choices are 4+ years old.
I don't even do the potential of this justice. Just wait for the announcement and see if I am right or not.