I think it's more of a clash of always sky-high expectations on Apple vs. the reality of what is delivered. Going into every product launch, we generally expect Apple to wow us in about every way. We don't expect the product to land in our hands and be lacking big features commonly available on competitor versions at much lower pricing. We expect "just works" magic instead of issues like having to manually change modes to fit media. And so on. In short, we always expect Apple to be best in every possible way... and where they fall short, some of us can really amplify the negative we feel about that.
As to the buy or no buy decision, consider ALL of what it can do for you. What is each thing you identified worth to you? For example, I used to give Sony much more than $200 for just a music (CD) jukebox. AppleTV- just for that single purpose- is FAR superior to those old CD jukeboxes. Easily playing the WHOLE music collection on the best speakers in the house is a nice feature. If that's ALL it did, I could probably justify $200 for it (I used to with those CD jukeboxes which couldn't hold ALL of the music collection, had no playlists, grinded as it swapped one CD for another in a kind of "mechanical shuffle mode", etc.)
It's also the on-demand home movie box, the on-demand photo album, the on-demand podcast/vodcast box, light games, streaming radio, on-demand Blockbuster video, youtube, vudu, (many other apps), etc. What are each of those worth to you? As soon as you surpass $150 or $200 in your mind, place your order.
Another "biggie" for buy or don't buy: Apple takes seemingly FOREVER to roll out a new version of this product. So if there is a good time to buy and maximize the usage time before Apple releases a "6", it is now.
Another factor: practically rent it instead. If you want one, buy, enjoy and then sell it later. These often sell for a fairly good portion of the initial price paid. If you buy for $200 and then sell it a year or two from now for $100, you got to enjoy all it's benefits for either about $8 to about $4 per month over that year or two.
And lastly: Apple does have a return policy. So you can try it out yourself and see what YOU think. If it does enough for you, keep it. If not, return it.