Getting to local content is the same number of clicks as remote content (well, if you are streaming from a single source).
The new menu design abstracts the content one level and adds all the store menus as well.
As far as loading, it should be faster to load individual sections than loading the entire remote library.
Kevin
it may be the same number of clicks if using appletv take 2. But compared to version1 I would now have to for example, navigate to TV Shows, select or push right ( not sure on method ), push down 2 or 3 times to select "My movies " ( or whatever itunes library content is now called ).
In version one I would select tv shows and thats it.
For someone who has a lot of content preloaded in their own itunes library the new appletv take2 is a backward step.
I am completely happy with the way things were with version1, and I feel the updates are not there to enhance the user experience of appletv users but basically to sell more content.
I can understand apple wants to make money by selling content, but changing the whole interface to force the itunes store down our throat, is a bit much for me.