gagets time again 
Apple TV

What Is Apple TV?
Apple TV, as you're probably aware, is Apple's new set-top video
unit (Figure 1). It allows you to sync content to, or stream
content from, iTunes. In some ways it's like a souped-up iPod. Like
an iPod, you can store music, pictures, and video on it. You can
play this content back while relaxing on the couch in your living
room. And, in a capability that goes beyond iPod, you can select up
to five different iTunes libraries from your wireless network and
stream content from those libraries to your TV without having to
synchronize. This is a great feature for things you only want to
watch or listen to once, and you don't take up any of your unit's
minimal thirty-odd gigabytes of free space. Consider that most
iTunes movies are around a gigabyte in size. Each. Those
thirty-something gigabytes can get used up real fast.