OK, I figure this isn't possible right now. But who knows, maybe soon? It would be really nice if, as an alternative to ripping my DVD library, I could pop a DVD into the drive of one of my Macs (say my 20" iMac) and have it rip the DVD, immediately start encoding it into h.264, and start streaming that movie to the Apple TV. To the end user it would be as if the Apple TV was using a "remote disk" to playback a DVD. Maybe a few minutes' lag time to kick off the encoding and provide some buffer room. On the technical side it would simply be a matter of streaming a video the same way it happens now... with the key difference that the video was being encoded a few steps ahead of what was being watched. The resulting encoded movie file could be saved, of course, and made available in the Mac's media library. And if it can do this, you've now also got a PVR. Just use a tuner card as a source instead of a DVD. What do you think? Possible any time soon? Possible now?