The “Just one more thing” at this year’s special music event at Apple is nothing but the next gen AppleTV (and not iTV) which is shockingly small, slick and tiny.

The new Apple TV comes with Hollywood movies and TV shows, everything in HD and it is is 1/4 the size of the first gen Apple TV. it comes with a Power supply, HDMI, Ethernet and optical audio. What more? It has WiFi 802.11n built in! It is so small that it can fit in the palm of your hand! There won’t be any purchases with Apple TV. Everything will be rentals and hence no storage management too. And what about the price of the rentals?

Movie Rentals – $4.99
HD TV shows – $0.99 yes, 99 cents!

ABC & Fox have been roped in for now. More broadcasters are expected to join the party soon. Netflix streaming is confirmed. SO the Apple TV will support both Netflix and Youtube streaming, along with photos from Flickr and MobileMe. So, no iOS support yet as many people believed.

There are five categories: Movies, TV Shows, Internet, Computers, and Settings. With iOS 4.2, users can AirPlay (stream) content from an iPad to an AppleTV.

And what about the price. The new Apple TV will cost just $99 and will be available in 4 weeks, with pre-orders starting today

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Raju is the founder-editor of Technology Personalized. A proud geek and an Internet freak, who is also a social networking enthusiast. You can follow him on Facebook and on Twitter. Mail Raju PP. Follow rajupp