Never mind the quality...
Yes the speeds are impressive, yes it works well, but there is, for me, a major flaw that none of the reviewers has looked at. Everyone has reported on the speed - but who has looked at the quality of the output?
I have a lot of DVDs that I want to put on my home server and use with Apple TV. So i managed to rip the DVD and then convert it easily for Apple TV. Unfortuntely the final quality is low, with blocky, jerky pictures etc. I cannot change any of the settings to fine tune the product.
Compare this with an identical convert I did using Handbrake and (i) Handbrake is easier; (ii) on my new MacBook the speed difference was negligible; and (iii) the picture quality is better. If I was watching this on my iPod I am sure it would be OK but on a big screen HD tv - which is what Apple TV works with - it was disappointing and in the end unwatchable. I have eben set my tv on the lowest resolution I can with Apple TV and still the blocky pictures.
I am going to write to Elgato and see if I can get my money back.
Christian