Just received mine on Friday and spent most of the weekend watching movies and shows on it as well as streaming my iTunes and iPhoto libraries on my iMac and MBP to the HDTV/Bose audio system. I don't watch regular TV, so I canceled my Verizon FiOS TV account and am going ATV all the way with the Netflix account. I just want to watch several movies and a some documentary shows per week, so this is all fine with me.
I really don't watch "live" TV at all, including most sports, so this makes perfect sense for me. I did want to catch some of the MLB playoffs, so I went to MLB.com to sign up for a $9.95 package to watch any of the postseason games but I'd only be able to watch that on the computer. That's fine for now. I think Apple needs to sign on NFL, MLB, and NBA for live streaming eventually if it's going to become the main centerpiece of most people's living rooms. For a guy like me, the ATV is all I need. The last thing on TV I watched before I got the ATV was a bit of the Winter Olympics back in February.