Previously known as iTV, Apple has launched Apple TV. This little wonder box is Apple’s attempt at competing for the all important living room media center role. Much like the Xbox 360, this little device will stream music, movies, and podcasts from any iTunes 7 equipped computer, Mac or PC.

The device is priced at $299 for the 40GB equipped version and it’s got a plethora of plugs in the back including: USB 2.0, Ethernet, HDMI, Component video, and analog and optical digital audio. Take note at the lack of composite/rca video outputs for those of you with older tv sets. At 7.7″ square and just 1.1″ tall, this is surely to disappear in any living room, but the sleek silver finish will make you want to show it off. Wireless geeks will also love the inclusion of 802.11 n/g for wireless streaming.

The price isn’t all that horrible all things considered, but a larger hard drive would have been nice as 40GB won’t store much video. The unit is slated for a February ship date so we’ll see how it performs once units are available. I’d personally love to have one in my home, but $299 is a little steep for me. You can see the unit and order your own here.