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What are the best features of the Apple TV?
Welcome to iMore! I have a 2nd, 3rd and 4th generation AppleTV and all three get a lot of use. A major pro for me is access to our (my wife, kids and I) iTunes library. We have a ton of music, movies and television shows in our collection and our AppleTVs give us really easy access to all of it. Since we are DirecTV subscribers there are a ton of streaming apps for different networks (HBO, Showtime, NBC, FOX, etc.) providing on-demand movies and shows. The AppleTV 4 added an App Store providing more content, including games. It's still new and there's a lot of work to be done with the App Store, especially adding more content, but I'm confident it will happen. The iPhone didn't have millions of apps at launch but it grew, and so will AppleTV's App Store.
The major drawback for me is that I haven't found it to be a true replacement for everyday television watching, which is why I haven't yet cut the cord. The streaming content is awesome but the majority of it requires login under a paid provider like DirecTV or Comcast. I'm hopeful that Apple will roll out its own streaming service in the future and I'll be able to finally make the switch to 100% streaming content.