I think Apple TV is somewhat overrated myself. Being in the custom install and specifically control system industry, they are a pain in the neck to control first and foremost. They revolve their experience entirely around itunes which in my opinion is not very cool with the encryption and forced formats. Also, they don't really allow you to do much outside of that. They don't like to work with other companies on better products - can you say XBMC?
I would hold out for Windows 7 and leverage Media Center. They allow streams from Hulu, Netlfix, you can store your own movies ripped into virtually any format (bluray included), pandora, etc, and a many, many more integratable features (yes itunes as well).
To me AppleTV is a tempermental little heat sinker with an itunes only mentality (not that I blame Apple for this).
Vincent