PiperJaffray analyst Gene Munster is predicting an update to Apple‘s close-but-no-cigar Internet TV device Apple TV at the company’s September 9th event.

Munster notes that lead times are extending for the entry-level 40-GB $229 Apple TV, but unchanged for the higher-capacity 160-GB model.

“We now have reason to believe” that an AppleTV update may be part of next week’s news, notes Munster.

It’s possible that Apple is just phasing out the 40-GB model, or it could be prepping for a more significant hardware refresh.

Munster is also predicting that Apple will launch a new subscription TV service, and update Apple TV’s software to support DVR-like recording.

Apple’s recent Fall events, in the last few years, have focused on introducing updates to the iPod/iTunes platform. An Apple TV update doesn’t seem out of the question, since it’s an iTunes device.

At this point, though, Apple is letting content deals define Apple TV. We’d like to see Apple open Apple TV up and turn it into a platform, much like they did with the iPhone. In this case, focusing on the past (traditional TV and movie content) is killing Apple TV’s potential as a new media platform.

via BusinessWeek