I was a staunch AppleTV fan. Then it began to piss me off at its limited capabilities, so called update after so called update of software brought nothing exciting or new. Then the big announcement - ATV2 - was the biggest let down of all (wheres the friggin harddrive? - I dont want to connect my Laptop to an external and have to have both fired up as well as the TV just to watch TV.
From even the earliest indications it looks like GTV stomps all over ATV. I think I'll be switching when it comes out (if it comes to the UK).
Apple has always disavowed the centralized home based storage device. Apple wants each person to use one Mac only and store all of his/her content locally on that Mac. I may not like this model either, but this is what Steve believes is the way to go. The only centralized storage device Apple thinks people should have at homes is Time Capsule to be used for Time Machine backup storage. That's the reason why Time Capsule has no RAID in it. It is designed to be used for backups only. If its hard drive fails, you still have all of your content residing locally on the Mac.
Even though the Apple TV is a streaming only device, it can stream from the cloud (which everyone at this point agrees is the future) or locally from your Mac. I agree that this model may be questionable, but if you think about it, this is what most people have been doing for decades. Very small percentage has realized the benefits of centralized RAID based home file storage. Apple's strategy is to make money, and the model that both of us disagree with is what most people do with their file storage.
With the introduction of iPad, it may be worth reconsidering the way that home computing should be done. Perhaps, it is a good idea to have one beefed up Mac - like an Intel i7 iMac to be used as the repository for iTunes, iPhoto, Aperture, etc, and have it always turned on. This Mac would be used for creating content (like photo editing, movie editing, etc.). For consuming content in your home or outside of your home, it may be better to use an iPad. For TV viewing, the new Apple TV can stream wirelessly from the Mac you have in your office.
In the household with two adults, having two 3G iPads with Bluetooth keyboards, one beefed up iMac, a Time Capsule, and a new Apple TV would cost you around $4,000 - $4,500. Apple wins big time with this computing paradigm, but people win as well because their computing experience becomes extremely rewarding.
TV like device and sell that? 
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