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I also think if the studios agreed to this model they would simultaneously offer movies via on demand cable and DVD sales the same day as a movie hit theaters. I doubt they would let Apple take the whole pie.
That said, Apple could fix up AppleTV quickly by merely adding DVR functionality as well as slingbox functionality to it. Then, voila! Your iPhone or iPod touch becomes an amazing portable streaming device with access to all your media.
I expect the reason Apple hasn't done this yet is also "time" related. Doing so would freak out a lot of folks at the tv networks, cable, satellite companies, etc. Apple is the one company that can make watching what you want, when you want, where you want it easy.
I think it's when, not if. But "when" may be a few years out yet.
Do I think Apple can strong-arm the industry in one fell swoop? No. But it sure would be nice as a consumer to see a solution develop.