Most people (even some hardcore Apple enthusiasts) haven't the faintest idea about what the Apple TV is.
So if no one's heard about it, must be quite pointless, right ? Wrong.
Apple TV is one of Apple's many neglected devices (right along with the iPod classic, Mac Pro, etc). Its not that consumers wouldn't love to have some of these devices. It's just that Apple doesn't pay enough attention to these devices.
So what is Apple TV?
Its a box. A tiny little (3.9 inch) entertainment box that allows you to buy / rent full HD movies from iTunes or Netflix and watch them on your Television.
What exactly can the Apple TV do ?
The Apple TV allows you to -
1. Buy and Rent the newest HD Movies, TV Shows, Music from the iTunes Store and watch them on your Television.
2. Buy and Rent HD Movies, etc from Netflix and watch them on your Television.
4. Stream your iPad (2 & 3 only) or iPhone screen (4S only) wirelessly onto your Television. Play games, read books, capture, watch and edit movies, take and edit pictures, use garageband, display presentations, etc on a big screen.
5. Stream your computer's entire screen wirelessly onto your Television. Useful for displaying presentations, editing documents, browsing the web, watching movies without converting them, etc. (Mountain Lion only)
With Photo Stream in iCloud, your thousand most recent photos are just there on every Device including Apple TV.
7. Watch HD quality videos from YouTube, Flickr, Vimeo, etc on your Television.
8. Watch podcasts and listen to internet radio on your TV and home theatre.
10. Watch leading and breaking news stories any time of the day.
11. Genius recommends new Movies and TV shows for you based on your previous views.
12. Turn your iPad / iPhone into a controller and play amazing games on Apple TV.
"Sounds amazing, but I'm sure the price won't be so great."
The Apple TV starts at an amazing price of $99 only.