As I'm sure you are well aware, Apple had another Media Event today. If you don't have time to watch the 50 minute (ish) presentation, there is plenty of coverage around the web. There was a new iMac, including new software (Photo Booth and Front Row). A new version of iTunes. And oh yeah, some sort of new video-capable iPod thingy.

But the really big announcement, was the fact that you can now buy episodes of TV shows on iTunes, for only $1.99 a pop.

This is huge, people. And a lot of the commentary on that I'm seeing on the Internet is getting this wrong. John Gruber, for example, says:

"$1.99 for each TV show, in only 320x240 resolution, doesn’t seem like a good deal to me. I already get these shows with my cable TV; paying for them again in a crummy low-res format strikes me as a bad deal — like paying for songs I already own on CD. Of course, I think ringtones sound like a bad deal, too, but people buy billions of them."

There are several ways in which this is in fact a fantastic deal. The first is that this is the only legal way to download TV over the Internet. And if you are into a serial series, like "Lost" and "Desperate Housewives", this will matter to you. Because if you miss an episode, you are going to want to see it. Or if you didn't know to watch the episode, but all of your co-workers tell you it was great while standing around the water cooler, you are going to want to see it.

And for the last several years, Bittorrent and other P2P networks have given viewers who are dedicated enough and technical enough the ability to download shows that they missed. But now Apple is giving this ability to everyone with iTunes (hint: that is a lot of people), at a reasonable price. I have seen some grousing about the quality of the video, but I don't think that's going to be a big issue. After years of downloading super crappy renditions of my favorite shows from the P2P networks, 320x240 h.264 video sounds like a dream.

But all of those reasons are just the tip of the iceberg. Just like Apple did with digital music when it opened the iTunes Music Store, they are now creating a new legal download market for TV. For years I have been reading pundits saying that the Internet is going to change the way we watch TV. Well, now it is finally happening.

But you don't have to take my word for the fact that this was Apple's most important announcement today. Take Steve Jobs' word for it -- This was his "One More Thing". And he even had Bob Iger, the CEO of Disney, out on stage to drive the point home. The fact that Apple was able to negotiate this deal is huge. And even though it seem under-whelming now, because there are only 5 shows to choose from -- think about the future. When there are hundreds of shows. Thousands. The idea is staggering.

Oh, and my "one more thing"? I will be buying one of those new 20" iMacs soon. They look sweet. :)

-Andy.

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