While some of the features in the new Apple TV will be appreciated, it is a BIG step back in terms of sharing your own content around your home.

Previously content from your computer was easily shared via “My Movies,” “My TV Shows,” photos, music and the like.  In the new version all that content is under a “Computers” menu with sub-menus there.  The sub-menus are organized, but not in a seamless way.  Nothing like having “MY” [continued] content right with the main menus.

It makes one wonder if Apple will be phasing out the purchase of content in the Apple Store eventually and going to an all rental model.  If so, this is a terrible decision because people want to be able to buy a movie. For example, Toy Story because kids want to watch a movie over and over.  Renting the same movie 50 times means it won’t be rented – people will buy the DVD or the Blu-Ray.

Likewise, in previous versions you could share certain photo albums with certain Apple TVs and not others.  Now with Home Share, it is share with all or none.

The pros are that it is faster than Apple TV version 1 and will offer improvements with iOS 4.2, but right now, the cons greatly out-weigh the pros.  One of the great benefits of the Apple TV was being able to share photos and your own content easily and that has taken a step back.

Why are shows that you have purchased locally being treated differently?  Perhaps in order to allow storage in the “cloud.”  The most logical method to allow continue movie and TV Show purchases but to relieve the purchaser the necessity of storage management is to store the purchases in the cloud at the Apple North Carolina data center.