This is a gorgeous looking device, absolutely tiny, and a joy to set up (plug in, connect to the TV, enter your network details & you are ready to go). But for a UK user for now, it is the content that is severely lacking, and since it is a device that lives or dies by what it can deliver, that is quite a problem.
The film download service seems reasonably priced, but compared to my Virgin Media VOD, it's a slow process. Browsing YouTube & Flickr are initially both fun, but neither has a great deal of long-term appeal to me.
The worst part is that if you have spent some time collecting all of your various iTunes libraries onto a single, central NAS that can then be shared by all of the Apple devices in our house (several laptops, a desktop & an iMac) using the iTunes sharing function on the LaCie NAS, this is simply not compatible with the Apple TV, that needs to connect to a computer running iTunes to share the media. It's a counter-intuitive step, really, requiring you to have an iTunes computer *and* the Apple TV to be running at the same time to stream - how is that good for economical power use?
To sum up, the pros are that it's tiny, looks lovely and produces good quality images and sound. However, for me the cons are pretty serious: no access to UK-based streaming media (iPlayer, 4OD etc.), no UK-equivalent to NetFlix, no NAS sharing of media, whether video, music or images. I have seen criticism that it's HD-output is only 720p, but on my television, it still looks very good, so that is not really a con for me
I said before: 'All of this, I am sure, could be, and may well be, fixed in a software update in the future. But for now, for a UK user, the Apple TV is a nice toy, but not really a useful media device'. UPDATE: I have downloaded the new OS (4.2 2060). It does nothing for UK content at all, and adds a new menu item - Major league baseball highlights! Still no UK film rentals, no BBC radio, nor any iPlayer, 4OD or similar content support. My comments still stand that this device could be more useful to UK audiences, but Apple seem unwilling to do anything about this, or acknowledge a non-US market.
UPDATE (2) - To be fair to Apple, I have now discovered BBC radio streams available - Radio 1 is under 'Top 40/Pop', Radio 2 under 'Adult Contemporary', Radio 3 under 'Classical' & Radios 4 & 5Live under 'News/Talk'. I discovered these by accident - no news (I could find) from Apple to announce this. Still no search function on the radio to look for other BBC channels...
UPDATE (3) - I have now found a 'favourites' function - hold down select on the chosen radio station, and it is added to a 'favourites' list at the top of the radio station genre list. I discovered this by accident.
UPDATE (4) - BBC content unavailable again. It seems the BBC don't like Apple, or vice-versa. All of the BBC channels available in the last update have now been removed in OS update 4.2.2. Any attempt to connect to a BBC channels results in an error, either 'An error occurred loading this content' or 'Cannot connect to Internet Radio Stations'. The commercial, US-bases stations seem unaffected. It would be nice if I can find a list anywhere to explain what content we can get, and why the BBC is unavailable again.
UPDATE (5) - Radio feeds are broken again. I managed to add the BBC channels after the last update, but tuning back into radio 4 again today, I was told 'channel unavailable'. I deleted the favourite, and tried to re-add it, only to find my 'Talk radio' channel page was completely blank - no radio stations appear at all, and there is no function (still) to search for a known radio station. Netflix has appeared in the list of menu items, but again the 'service is unavailable' - presumably there is no UK agreement yet. Why Apple sells this product in the UK is a mystery, as they don't appear to want to support it outside the US market. Still a device without a single compelling reason to purchase it.