"Fairly cheap but very useful with the right setup."4.0 starson by PetrF
Pros: iTunes home sharing
Cons: Airplay being Apple proprietary protocol. Of course not an Apple TV fault per see, but inter-operability with outer platforms is a no starter.
Summary: The 3rd gen Apple TV is one of the best and fairly low cost Apple devices that we have bought. Being able to mirror and stream content from the iPad or our iMac, as well as purchased content from iTunes or Netflix, all this with a super simple setup makes it perfect for us. The only I miss is able to stream from my Android devices, or get films through the YouTube app, but that's given.