I've yet to see any real comments here comparing AppleTV 2 to the Pay-Per-View services generally available from cable & satellite alike. I seem to recall that their prices are not too far off Apple's mark - and this is equipment already in many homes. So why would you pay $229 for another box that duplicates those features you already have?
Being stuck home sick last week, I found myself looking for something to watch OnDemand and I have to tell you in the HD department there wasn't much (less than 15 in the PayPerView area and less than 50 total). And as far as new releases go, there were only two movies that were released the same day as the DVD.
I ended up spending the afternoon watching various Podcasts and YouTube on my AppleTV.