In his Thursday research note to clients, covered by AppleInsider, Piper Jaffray's senior analyst Gene Munster said that, by 2011, he sees the Apple lineup constituting an Apple-branded television set.

Munster said with the strategy Apple followed for its iPod, iTunes, and iPhone platforms, the company will not only offer substantial competition but also change the scenario at the conventional of the low-margin TV market!

Saying that he expects Apple to sell nearly 6.6 million of its currently-available Apple TV settop box in 2009, Munster added that Apple television will boast built-in media- management features of the settop box; along with digital video recording (DVR) and subscription-based content viewing. It will also include built-in home media functions like movies, games and interactive TV!

In his note, Munster wrote: "We see potential for Apple to offer best-in-class software and hardware and charge a premium. An Apple-branded TV would command a premium among a competitive field of budget TVs. We believe Apple could differentiate itself with software that makes home entertainment simple and solves a pain point for consumers - complicated TV and component systems."

Munster further wrote that with Apple's iTunes Store losing market share in online video to ad-based subscription services like Hulu and on-demand services like Netflix's Watch Instantly service, Apple would likely offer its own subscription-based service in tandem with its TV set!