Word on the street is that Apple is in negotiations with major broadcast TV content providers including ABC, CBS, NBC and FOX to provide a subscription model for Apple TV. Apple would like to provide commercial free content on demand. Boy Genius Report has a full description of this rumored service.
Cheaper-TV take: This is not something which would be of interest, as we are trying to bring our pay TV costs down. Of course this is all rumor now, and I'm sure the Apple implementation will be very well done. There seem to be 2 big benefits with a service like this... content on demand, and uninterrupted TV viewing. Using a DVR, I should be able to provide the broadcast TV content on demand, and the fast forward button on the remote should do the trick for skipping commercials.