Remember when Sony decided it had to own content?
My prediction is that once you get those content execs inside Apple, they'll destroy precisely those qualities that make Apple what it is.
Hopefully Apple is self-aware enough to realise this, but with Jobs gone, who knows?
They'd be much better off going after a studio like Disney or WB and buying content - they already have an audience and distributing digital content is a known entity. With that amount of cash, they would want content rights, not distribution rights.