I just picked up the new Apple Tv. I also have the older model in the 160g internal drive. The new model now has 1080p which I believe the Apple TV should have had.
It's exactly the same size as the TV2 and looks identical. Same connections HDMI , Ethernet and Optical , no Analog anything just like the 2. It's the same in every way except 1080p and the new A5 processor.
After Installing , and configuring , I gave it a test drive. The new on screen menu is different with bigger movie covers and app looking choices for navigation. Doesn't seem to be any new app's or abilities over the 2. The iPhone/ Itouch / iPad mirroring is a cool feature so you can play video games on your TV VIA Airplay with Mirroring turned on.
You get your entire IOS device onscreen just like what you see on the IOS screen. Pretty cool and can be useful for many different things.
Photo streaming is cool if you use it , take a pic and it's their in seconds , thats pretty darn cool.
Video quality with Netflix and iTunes seems to be pretty good.
It does however seem a bit snappier over the last 2 offerings. Overall it's worth 100 bucks if your a iTunes user and have a netflix streaming account.
Reason I picked it up is 1 to give it a test drive and 2 to Mirror my computer onto my TV after Mountian Lion gets released. Airplay is awesome as people can come over and play their music around my house. I'm gonna use a Gefen DAC for Optical out to get analog for house music. It's a nice addition to the system.