The Advanced Television Systems Committee (ATSC) has approved a standard for mobile digital television, which means one day you might be able to watch your local station broadcast directly to your iPhone. In the US, that should include ABC, CBS, FOX, and NBC.
Would Apple ever build a TV receiver into the iPhone, given their focus on iTunes digital downloads? If they're considering an FM Radio, why not? With live-pause and tagging technology, it just becomes a value-added feature for users and another potential gateway to iTunes content.
Plus, sports for the sport fiend!
It would not, however, provide access to cable- or satellite -only