It will be the iGamer. It will not be called a "console" even if it should be. There will be an "I'm a console vs I'm an IGamer" sort of marketing. It will be 20-40% more expensive than the most expensive version of the XBox or Playstation release at that time but with around just 70-80% of its gaming capability. But it will be a bestseller because Apple fanboys would flock it and it will be "aesthetically innovative" just because it has a glowing Apple Logo.
Old-school purist gamer fanboys would be pissed at Apple's success and would flame whoever buys it as impractical. Then Sony or Microsoft will get sued by Apple for a supposed "stolen" tech but in fact, something Apple just plagiarized from some Japanese or Korean tech company. All the while the superior PC race laughs at the competition... while kicking the dead Mac Gamer horse.