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A different idea
The iFixit crew have a different idea: "Perhaps this logic board will be used in future iPads?"

8GB of flash storage may not be much, but there's room for more
Furthering the iPad comparison is the fact that the Apple TV packs 256MB of RAM (just like the iPad) and Apple's A4 processor (just like the iPad). There's also 8GB of flash storage, which is only half that of the low-end iPad — but there's an empty socket right next to it that would be "*perfect*" for another flash-RAM chip.

The Apple TV and the iPad share many of the same innards
iFixit's color-keyed photo of the Apple TV logic board reveals:
- red: the A4 processor
- orange: the 8GB Samsung flash RAM
- yellow: the aforementioned possible extra flash-RAM socket
- lavender with a trace of mauve: Broadcom BCM4329XKUBG 802.11n, Bluetooth 2.1+EDR, and FM chip
- teal with a hint of celadon: Apple 338S0891 chip — no further identification provided

There's not much to worry about inside the Apple TV
Being easy to open and repair, and needing only a trickle of power to operate, the Apple TV earned iFixit's hearty praise as possibly "the most eco-friendly set-top box of all time!"
You can find many more details and many more photos — 29 in all — on iFixit's website. ®
COMMENTS
There already is a smaller iPad.
It's called the "iPod Touch".
Testing
maybe Apple needed a test connector during development & proving? what more obvious than one they have as standard?
Tech Colors
Shurely that should be ARGB, for the sake of transparency?

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