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Give Plex connect a try and you gonna love it. I used to have WDTV live , then moved on to ATV3 , tried Airplay movies , Beamer ,converting everything to Itunes using Handbrake , Iflicks , Subler, Mp4tools etc this all was so much work.
Now with Plex connect , I have to do nothing , it plays everything and has been enjoying it since couple of months now. Only thing is you will have to do a small hack of Trailers app. And then just direct your Plex server to Folders you keep you media.

I second Plex... I use it on my Samsung TV as well as a jailbroken ATV2. Works great with ANY format I've thrown at it.
 
I use a WD TV Live that is hardwired to my network that streams from a 6tb Buffalo LinkStation Pro Duo NAS drive and I don't think there has been one thing I've tried to play that it cant handle on the fly. I have tried streaming via Wifi and it worked just fine as well.

I also have a Roku LT that uses Plex to stream via Wifi and have not had any issues there, though I prefer the WD TV Live because I don't need a media server running (or having to categorize TV shows in Plex's stupid file structure). With the WD TV Live I can just throw a file somewhere on the NAS and go to it, like a file browser.

I was contemplating getting a WD TV Play to replace the Roku LT but it doesn't do DTS and seems to have issues with a few other specific formats, but I can't recall what I read.

I have had my WD TV Live/NAS setup for about two years and have had few issues. Biggest issue was my original NAS drive was a WD My Book Live 3tb that kept failing, switched to Buffalo nine months ago and haven't had any issues!

Good luck!
 
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