PC Mag reviews and takes us through the new Apple TV software. Regarding $0.99 rentals of TV Episodes, PC Mag issues a note of caution.
You can buy or rent a show on iTunes via your computer or iOS 4.2 device, start watching it on that device, and finish watching it by streaming to your Apple TV. However, this is a one-way street. You can’t rent something on Apple TV and watch it on your iPod touch later. You also cannot purchase any content on the Apple TV—rentals only. Therefore, I advise you to purchase or rent all of your content via your computer or iOS device (after the update). By doing this, you ensure that a video you can be watched back and forth between all of your iOS, computer, and Apple TV devices.
They also have some unboxing photos over here, you know, if you’re into that sorta thing.