I think you're on to something.Seems to me that most people posting here either hate the Apple TV, or they use it.
I've had my 40GB AppleTV since Day One. It still feels like magic to me when I use it. All of my music, photos, ripped TV shows and movies at my fingertips whenever I want. Video podcasts, to me, are the killer feature. Who needs cable?
Storage is unimportant to me since I stream everything from my NAS. The only wish-list item for me is some kind of integration with Hulu and other IPTV sources (but I'm not holding my breath). 720P looks great on my 42" Plasma. My Blu-ray player delivers higher-res movies and Netflix streaming.