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I could see updated look and feel. They could even technically add the Siri remote for navigation, though it would probably not be able to handle the Siri mic. But it definately can not handle an App Store. I see Apple supporting it for another year or so.
 
I don't think it's that bad on the Apple TV, really as far as I can tell the only thing thats missing is Connect. Theres still For You, New, Radio, My Music, Playlists and Search (both All Apple Music and just My Music).
You can still do options like Go to Album, I Love This Song, Start Radio Stations from a song, Add To Playlist and so on.

I've no complaints about it so far.

I checked it out today and it really is just about the same. Maybe it needs some polishing so you could actually use it to add to your playlists or whatever, but it's mostly there. I also wouldn't want to use that darn clicker to search around when I need to input text. The speed was a little slow, but it could've also been the network.
 
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