Forrester Research analyst Josh Bernoff is taking the air out of what appears to be a major theme at the annual Consumer Electronics Show starting this weekend.

“There won’t be millions of Internet-connected TVs until the end of 2009,” Bernoff said in the new study released today, putting some context on the flood of news trumpeting the ability to watch Internet videos on regular TV sets.

Bernoff cites four major obstacles to consumer adoption of Internet connected TVs:

• Lack of devices to connect TVs to the Internet, as generations of gadget add-ons to enable such features have largely failed.
• Poor video quality due to broadband bandwidth constraints may be good for short, small video clips, but it doesn’t satisfy demands that the sending and receiving of better quality videos require.
• There is no credible business models to justify the new strategies. The traditional broadcast model is still the best way to make money from video.
• Navigating huge archives of shows from your TV screen is the biggest obstacle.

In a separate soon-to-be-published study, Forrester’s poll of 5,000 U.S. households showed some 80 percent of respondents said they had no interest in buying a device at any price that lets viewers watch Internet videos on TV. $150 was the maximum that respondents would be willing to pay for such devices. About 83 percent were uninterested in buying similar devices to stream Internet radio stations on their home stereos.

Bernoff estimated that the real competition to deliver video over the Internet to TVs won’t take off until 2011. Even then, it won’t reach more than 5 percent of consumers.