You can make up for the lack of content if you have an iPhone/iPad/iPod by AirPlaying streaming apps to the Apple TV...
I think it's pretty great... it doesn't use any battery on your portable, and just acts as a "key" as such to enable the content.
I can AirPlay BBC iPlayer, BT Sport, Twitch TV, TV Catchup, PPS.tv, which is great.
Apple should really allow apps to be installed to the AppleTV though IMO...