Apple TV sounds like it is more than it is. You cannot watch TV channels from it. You cannot record iTunes from a remote
computer to it.
What is it? It is a way to watch your videos and listen to your music through your TV. Not a bad way to play your multi-media in front of family and friends. You may also stream or wirelessly send your music, pics, and videos from a PC or Mac to the Apple TV box. Then, you can play them through your TV.
Really, the Apple TV is great for watching movies and shows via your TV. For everything else, like music and videos, you can play them through your computer and monitor. The downfall is that the Apple TV only holds 40GB of storage. That should soon change in the future.