With the right feature set, a $200 ATV 5 could be worth every penny.
• HDMI 2.1
• 8K support
• Direct access to content, no matter the source. I know the branding teams are determined to get me to care whether the show I am interested in is on network/service X, Y or Z - but I DON'T CARE. Netflix/ABC/Hulu/etc don't add any actual value. In fact, the segregation of content is actually a detriment to the user experience. If you don't remember which service supplied the show you're looking for, you end up wasting time checking them one by one until you spot it. This is an improvement? WTF.
• Virtual DVR so I can speed through ads in stored content
• Advanced buffering capacity so I can watch at high quality even if my web connection has hiccups. Moreover, I'd love to have the option of less compressed media by starting the download prior to viewing.
As an example, let's imagine that over dinner the family decides to watch movie X. I grab my iPhone and trigger the download, by the time dishes are done and everyone gets settled in with a snack, we start the movie. It looks fantastic because the version we are watching has a much milder compression ratio.
The dirty secret of our media distribution system (particularly in the US) is over compressed content. You get a big, high quality UHD/4K HDR TV and then feed it low quality material. Modest compression is no big deal, but the vast majority of what's available has been compressed to near death. Solve that part, and the home viewing experience can meet it's potential.