I owned a 1st Generation Apple TV for some time now and was quite happy with it but when I got the new Apple TV, I have to say, I'm really impressed.
It's bloody tiny! and the power consumption is low too. I've ripped a few Blurays to h264 m4v format with great success so far. My TV is currently only outputting the AAC stereo feed but once I get a 5.1 set I'll have the ac3 surround track too.
One of the things I was really impressed with was the "airplay" feature. I was able to record a video on my iphone and then immediately able to stream it to the TV.
I'm becoming a big fan of HD content lately. Anyone else on board?