I own an Apple TV, and I love it. At the moment we’re living in a 2 bed house and the majority of our watching of stuff and listening to music happens in the living room and a bit in the master bedroom.
Our current set up is something along the lines of.
Living Room:
47″ TV
Sky+ HD
Blue-Ray
Sound system
Apple TV
Bedroom:
Older PC connected to 32″ TV and splitter from Sky Box in Living Room
PS3
Spare Room:
Mac.
Now, with home sharing, both the itunes librarys on Mac and PC can be synched, so music and film stored on the Mac can be sent to either Bedroom or Living Room (through Apple TV) which is brilliant, and as both itunes librarys can be run individually, it means that 2 people can watch /listen to different things from the same library (I’m getting to the stage where I want /am making digital copies of everything).
Obviously with airplay, you can send photos and film directly from the ipad (Mrs got me one for christmas) or Iphone (3GS and 4).
iplayer is the only issue, however, I have heard rumours that the next revision of iplayer for ipad will have an airplay feature. Either that or be able to project to your HD tv through the HDMI aux plugin device on ipad.
I would definitely recommend an Apple TV, as it will over time allow pretty much anything, it will only be a matter of time before iplayer and 4od etc is compatible on it, much like PS3.
Hope that makes sense.