Hey Guys,
I picked up the AppleTV about two weeks ago and I love the thing. I picked up a refurbished 160GB for $269 I believe. The HD content on it is great I have rented a few movies and find it easier and nicer to use for that then the XBOX 360 or the Playstation 3 I used to use for such things.
The coolest part about the device is loading Boxee or the XBMC (Xbox Media Center) on the device then you can literally play almost any file on there. I had some issues with 720p or 1080p MKV files. But content encoded in H.264 in .MOV works great at 720p. I haven't had time to tinker with a 1080p file yet.
The process is great if you are already an iPod or iTunes user the process is great and nice getting that content on the TV. I loaded 25GB of music and about 12,000 of my girlfriends photos with no issues. You can also setup the device to go grab flickr accounts and your YouTube favorites.
I have found that Boxee is probably the bread and butter of the device once you get it installed on there.
boxee blog boxee on Apple TV 2.3
Since they are adding all the TV network streams on there you can watch them on your AppleTV been very handy for watching Arrested Development. My girlfriend has been wanting me to watch it and have been able to with ease on the TV in good quality for free.
I have it hooked up to my stereo and use the Apple Remote Application on my iPhone and it makes a killer jukebox at that point. I must say the device is awesome and been a great asset for my entertainment needs.
The Cons.
There is no way to turn it off other then unplugging it. You can put it in a standby mode but it is still running and drawing power.
Other then that I can't really think of any bad things to say about the device. If you have any further questions let me know. I would be happy to answer. If you need a boxee invite send me an e-mail and I will shoot one of those off as well.
Cheers!