A report today suggests that analysts placing bets on the rumoured Apple Smart Television, referred to by many as the iTV, even thought the UK TV channel owns the rights to that name, should stop getting so excited. It might not happen.

The report notes Jefferies' analyst Peter Misek confidence that Apple will launch a smart TV in the fourth quarter. Misek claims that his Asia supply chain sources expect “commercial production in May/June with 2M to 5M builds likely.”

“Hold on just a minute. How do we know this thing is coming?” asks Fortune.

Regarding Misek’s reasoning for his confidence: that Apple is about to launch a television, Fortune’s Philip Elmer-DeWitt writes: “I can think of a half dozen explanations for each of Misek's reasons that have nothing to do with Apple making TVs.”

He also writes that: “There are plenty of very good reasons Apple would NOT want to get into TV manufacturing business.” Amongst Elmer-DeWitt’s reasons: “There's no single global market”, for example, the US uses NTSC while Europe uses PAL, and “Dealing with the cable companies that control the local delivery of content is like dealing with mob”.

Elmer-DeWitt muses as to whether the £99 Apple TV device is what Apple is really setting its television future on.

The Fortune report got us thinking at Macworld. Why would Apple create a £1,000 device that will only be bought by a select few, and will open up a whole can of worms when it comes to the different standards in different countries, and the various content providers. Why not just make the £99 Apple TV box even better.