Hardware-wise, all three products seem very similar to me. All have "N" wireless capability. Two of them (ATV and TC) have storage. ATV has the video and audio out connections, while TC and AE have extra ethernet ports. It doesn't seem like it would be too difficult for Apple to just bundle all of this and sell it for $400 - or maybe even less. I was thinking about buying an ATV, but I'm hesitating because I see a device like this coming the near future. And two other questions if anyone wants to take a stab at these: what does AE have that TC doesn't? Can you use ATV as an AE?