I wouldn't call it "being beat to the punch," but Amazon, Google, and Roku have been able to deliver the features that people want right now earlier than Apple.
However, as we all know, Apple routinely aims to deliver the full package from the get go - even if it doesn't always happen.
It's widely known that people want the future of TV to be an ecosystem where you could stream content from online or your network, subscribe to individual cable channels, and use apps and games developed by third-parties. Currently, I believe that Apple is the only company that has the power to deliver that experience.
My guess, and my hope, is that they will wait until they have everything in place. The ATV has been a hobby for far too long, and they have been quietly building their offerings. Much like the iPhone, Apple has the potential to sweep away the competition because of their resources and their large user base.
I'll gladly wait longer for the product that delivers the experience of the future, rather than just another one of the present.
My issue with my Apply TVs is that for several updates in software, they (Apple) keeps missing a vital feature for something that should be a media hub. And that's the ability (without a companion device) be able to search or at least jump from letter to letter when looking at media.
I have close to 800 movies in iTunes - yet I have to scroll through them all to get to the one I want? That's just ridiculous. Are the iOS developers for Apple TV using their device for single one-off rentals or do they only test the software with a few titles? Because I can't imagine anyone in that department believing that not having a search/jump to letter function isn't a REQUIRED element.
But hey - that's just me and my .02.