In fact, I'm very tempted to get an Apple TV now, though I might as well wait to see if an Apple TV 3 comes out - the Apple TV 2 is 720p maximum, which is OK for me now (I don't have anything better than 720p in my iTunes library), but I might as well future-proof it. Or at least two-or-three-years-proof it.
Since I don't have any 1080p material in my iTunes library and had a spare £99 thanks to a Christmas windfall, I decided not to bother waiting - and I've been delighted with it. It helps that it's very well tailored to my specific circumstances (i.e. a huge iTunes library that's more or less permanently switched on), so it might not be ideal for everyone, but I have to say that it was a fair bit better than I was expecting. Not to mention smaller - it's tiny
It's particularly handy for watching things like the MP4 files of films recorded off Polish TV by a friend of mine - previously they'd be restricted to my laptop, but now I can play them on my 42" plasma with ease. I also love the way that it memorises where you've got to - so if I feel tired I can stop watching downstairs, go to bed, and carry on watching on my iPad from exactly the point where I left off. It also handles things like Netflix, YouTube, Vimeo, iTunes rentals etc.
Another nice touch - the iPad and iPhone can double as a remote control, which is especially handy given that the Apple TV remote is barely visible to the human eye.